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Burglars in Odisha Steal Gold Ornaments, Melt Them Into Ingots to Mortgage for Loans

Image for representation.

Image for representation.

The police chanced upon an account of one of the accused with a gold loan lending company where the latter had continued to deposit stolen gold ornaments and eventually was able to get a loan worth Rs 21 lakh.

  • News18.com
  • Last Updated: November 27, 2020, 13:31 IST
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Buzz Staff

Loaning money against gold as collateral is something companies often do. But how many of them check out the authentic source of the gold? A gold loan providing company got a rude shock after police in Odisha’s Ganjam uncovered a plot where robbers had mortgaged stolen gold to secure loan against them, a report in The Hindu said.

Police in Odisha’s Berhampur started probing a series of burglaries that had rocked the city and had managed to arrest two robbers and retrieved 540 gram of gold ornaments worth ₹25 lakh from them. The duo had committed 15 burglaries but the police were yet to uncover a much more bigger scam in the process.

While probing the gold and the burglaries, the police chanced upon an account of one of the accused with a gold loan lending company where the latter had continued to deposit stolen gold ornaments and eventually was able to get a loan worth Rs 21 lakh, Berhampur Superintendent of Police Pinak Mishra was quoted as saying.

Elaborating on the crime, Mishra reportedly added that it was the duty of the lending enterprises to scourge for details and ensure the source of the gold is authentic. He also added that further probe would be conducted to check the extent of such scams in the city.

The robbers also reportedly used high-end vehicles to rob houses in the city. A sedan, bikes worth Rs 2.5 lakh and more were used during the crime. Police said they were involved in gambling and thus were able to lead a very comfortable life and were continuing to rob people off their gold. They usually operated at night and targeted houses that were under lock and key and emptied their safes.

The accused also confessed to knowing ways to turn ornaments into gold ingots by checking videos on the internet.

Police are now probing the incident further to get to the bottom of their modus operandi and also to probe if there are many more incidents of this nature.

Very few incidents of a similar nature have come into notice in the past. A Kolkata resident was arrested last year for stealing gold worth Rs2.5 lakh and using it to secure a loan of Rs 80,000.

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