CHENNAI BANK REFUSES TO RETURN GOLD TO CUSTOMER FOR OWING A BALANCE OF RE 1

According to reports, a Pallavaram branch of Kancheepuram Central Cooperative Bank refused to return back the gold pledged by a man for a loan as he owed Rs 1. The man reportedly moved the Madras High Court for relief.

C Kumar had pledged 131 grams of gold and took a loan of Rs 1.23 lakh on April 6, 2010. He had taken two more loans totalling to Rs 1.65 lakh by pledging 138 grams of gold. Kumar reportedly managed to repay the loans in a few years.

However, the bank refused to return his 138 grams for the second and third loans as he owed a balance of Rs 1 in each loan. Kumar reportedly moved the court over doubts with regards of the safety of his gold.