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Police serve pawn brokers with notices

Md Subhan | February 2, 2012 | 0 Comments

Moneylenders and pawn brokers in the City will now have to take identity proof of those coming to pawn jewellery or take loans. Hyderabad Police Commissioner AK Khan has issued a circular to all five zones to this effect.

This follows the increasing number of jewellery snatching cases in the City and pawning or selling of such ill-gotten valuables to jewellers. Inspection of scores of pawn brokers scattered all over the City has revealed that they keep a private diary, not proper records of the persons who pawned or sold jewellery. Again, it is not clear if the details given by those taking loans are verified.

Deputy commissioner of Police East Zone Y Gangadhar told to Postnoon , “many pawn brokers and financiers are not keeping official records of dealings. This not only encourages shady elements but deprive the government of taxes. We are serving them notices and warning to adhere to some stipulations.”

Accordingly, they must keep, and genuine customers must insist on the following:

Two passport size
photographs of customers pawning jewellery or taking a loan
ID proof (voter card, ration card, passport, driving licence)
Receipts with all details of the ornaments—its weight, type of jewellery)

Conditions of pawn brokers/ financiers

Gangadhar said that nearly 25 pawn brokers are in the East Zone. He said that even established chain gold loan financiers are being served with notices.

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Tags: AK Khan, featured, full-image, Hyderabad POlice Commissioner, jewellery, loans, moneylenders, pawn brokers

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