Reported by Santosh Jagdev
Bhubaneswar, Oct 15:
Commissionerate Police today arrested a youth from Nayagarh district in Odisha on charges of cheating under section 420 of the IPC.
The accused was identified as Balaram Martha of Nayagarh.
According to twin city Commissioner of Police (CP) Dr RP Sharma, Martha had purchased gold bangles weighing 450 gm worth Rs 14.63 lakh from HM Jewellers located at Master Canteen in Odisha’s capital on September 21. The jewellery shop asked Martha to deposit Rs 13 lakh after deducting the discount amount.
Martha, who knew the shops manager well, gave the man at the counter three blank cheques of Andhra Bank with his signature telling him that he can withdraw the amount due towards the purchase of the jewellery from the bank.
But the cheques deposited in the bank bounced since there not enough money in Martha’s account. When the shop owner told Martha about the bouncing of the cheque, he said he would deposit the due amount in cash.
The next day, Martha mortgaged all the gold to a financial firm named India Infoline Finance Limited (IIFL) located in Lewis Road here and got Rs 8.40 lakh in cash.He deposited Rs 7.05 lakh out of it in two installments and requested the shop owner to give him some time to pay rest of the amount due.
The shop owner agreed to the proposal of Martha. But when the buyer failed to deposit the rest of the amount in time and did not respond to the phone calls, he lodged a complaint with the Kharvela Nagar police on October 13.
The police arrested the accused and produced him before a local court here today. They also seized all the gold ornaments mortgaged with IIFL.
The accused had invested the rest of the amount after paying Rs 7.05 lakh to the jeweler on construction of his house in Nayagarh, the CP said.
The CP further said commissionerate police would organise a meeting on October 18 with companies dealing in gold loan like IIFL and Muthoot Finance and apprise them of the loopholes and the risks involved in the policies followed by them in an effort to to check such crimes in future.