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Following allegations of scam, gold loans taken this FY to be scrutinised 

The development follows the Chief Minister’s announcement that loans for less than 40 grams of jewels, taken from cooperative agencies, will be waived.

Published: 27th September 2021 06:19 AM  |   Last Updated: 27th September 2021 06:19 AM   |  A+A-

Gold jewellery

For representational purposes (File | Reuters)

By Express News Service

CHENNAI:  Loans for gold jewellery availed since March 31 are set to come under the scanner, as the registrar for cooperative societies has issued a circular saying a panel must be formed to scrutinise such loans. The development follows the Chief Minister’s announcement that loans for less than 40 grams of jewels, taken from cooperative agencies, will be waived.

During the recent Assembly session, Minister for Cooperation I Periyasamy said a large scam has taken place in availing and waiving jewel loans under the erstwhile AIADMK government. Besides, CPM State secretary K Balakrishnan recently urged the State government to initiate a CB-CID inquiry into the alleged scam.

He said one person allegedly availed `1 crore by taking more than 50 jewel loans, and many others too committed such malpractices in violation of a rule that only jewel loans up to a value of `20 lakh can be given. Besides, loans worth several lakh rupees were availed by many people who were identified as BPL beneficiaries, and loans were offered based on fake jewellery, he alleged.

The registrar for cooperative societies has now issued a circular to the managing directors of the Tamil Nadu State Apex Cooperative Bank, Tamil Nadu Cooperative State Agriculture and Rural Development Bank, all Central cooperative banks, registrar of the Chennai zone, and joint registrars of all zones, to constitute a panel to scrutinise jewel loans given since March 31 this year. The circular states that each panel must comprise the cooperative registrar, zonal supervisor or field manager of a central cooperative bank and jewel appraiser.

Circular follows scam allegations from min, CPM

As far as the Chennai zone is concerned, the additional registrar must form a panel with the sub-registrars and obtain a report from them, the circular said, adding all reports should be sent to the registrar of cooperative societies by November 20.

On the alleged scam, CPM State secretary K Balakrishnan had said in the name of jewel loans, a joint robbery had taken place in cooperative societies. He said permitting the alleged jewel loan scam to continue would bankrupt cooperatives. The statement of the minister and the demand of the CPM leader seem to have sparked the call to form a panel to scrutinise the jewels loans.

‘Send report by Nov 20’
The scrutiny drive is to be completed by Nov 15, and a report submitted to the zonal sub-registrar. All reports are to be sent to the registrar of cooperative societies by Nov 20



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