Key Facts
On Monday, victims of an alleged gold loan scam at the Bank of Baroda branch in Jangareddygudem staged a protest at the Eluru Collectorate. The protest, led by the Andhra Pradesh Rythu Sangham, demanded immediate justice and the return of pledged gold ornaments. According to the Sangham, iron objects and chalk pieces were found in place of the gold.
Details of the Scam
Farmers, small traders, artisans, and other account holders who had pledged gold for agricultural and family needs discovered that their ornaments were missing from the bank's custody. Andhra Pradesh Rythu Sangham district secretary K. Srinivas alleged that bank officials manipulated records and online accounts to conceal the fraud. He described it as one of the biggest financial scandals in the district.
Impact on Victims
CPM district secretary R. Lingaraju stated that while the branch had around 2,600 gold loan accounts, only about 1,600 had been verified so far. He alleged that gold weighing over 4 kg belonging to 82 customers was unaccounted for, and the missing quantity could rise significantly once all accounts are examined. Protestors shared their experiences and demanded written assurances from senior Bank of Baroda officials regarding recovery and return of their gold.
What Readers Should Know
- The protest began with a rally from the Zilla Parishad office to the Collectorate.
- Protestors raised slogans such as “Return our gold”.
- K. Srinivas accused bank officials of negligence despite continuous protests over the past 10 days.
- A comprehensive inquiry and immediate compensation for affected customers have been demanded.
FAQ
What is the Bank of Baroda gold loan scam?
Customers who pledged gold for loans at the Jangareddygudem branch found iron objects and chalk pieces instead of their gold ornaments. Over 4 kg of gold belonging to 82 customers is missing.
Who protested at the Eluru Collectorate?
Victims of the scam, organized by the Andhra Pradesh Rythu Sangham, protested on Monday demanding justice and return of their gold.
How many gold loan accounts are affected?
The branch had about 2,600 gold loan accounts, but only 1,600 have been verified so far. The missing gold could be higher.