Bank sells Bihar man's 'fake' gold even after he pays off loan; SC backs borrower
The Supreme Court has reinstated an FIR and chargesheet against
Bank of India
officials in Bihar's Motijheel branch, after a gold loan customer accused them of not returning pledged ornaments despite full repayment, TOI has reported.
The case involves Abhishek Singh, who had pledged 254 grams of 22-carat gold to secure a Rs 7.7 lakh loan on July 22, 2020, and repaid it on March 31, 2023.
When Singh asked for his gold back, the bank claimed the ornaments had been revaluated during the loan default period and found to be fake.
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It said the items were auctioned off, and an FIR was filed against Singh for cheating on May 22, 2023. Singh then filed a counter FIR accusing the bank staff of misappropriating his gold. The Patna High Court quashed Singh's FIR, saying it was a retaliatory move.
However, the Supreme Court, in a judgment last week, reversed the HC order and said the matter warrants a full trial, TOI reported.
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"It is true that the appellant (Abhishek Singh) repaid the amount, but with substantial delay. However, once the loan is settled, it is difficult to understand as to why the gold was revalued and auctioned," a bench of Justices Sanjay Karol and Manoj Misra observed.
Writing the judgment, Justice Karol added, "At all times, the appellant had no access to the gold which, after its initial valuation, was always kept in the safe custody of the bankers. Fraud, if any, whether perpetrated at the first instance of valuation or later, is a matter which could be unearthed only after a trial based on the evidence led by the parties."
Criticising the High Court's approach, the bench said, "The discussion made by the high court in quashing the FIR in no way addresses the possibility of the respondents' possible involvement in the misappropriation of the gold pledged."
The top court concluded that Singh's allegations merit investigation. "But, as of now, in no circumstances, it can be said that no prima facie case regarding commission of an offence, as alleged in the FIR, is made out from its perusal."
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