Bombay Money Lenders Act

Querist : Anonymous (Querist) 18 May 2011 This query is : Resolved
Dear Sir,
I am a Registered Money Lender in Maha State Regd under Bombay Money Lenders Act.
I lend the Money on the basis of security Gold i.e Gold Loan.
My Question is
Many Customers come & take the Gold Loan which I personally dont know them. what if the gold given as security is of robery.
What Precaution Should I take ? I usally take their ID Proof & Address Proof. If the gold is of robery can police seal the gold given to me.
What are the Security Measures in such case in order to secure my money? Please provide the detail guidence

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DEFENSE ADVOCATE.-firmaction@g (Expert) 18 May 2011
FOR STOLEN GOLD YOU TO GO BEHIND BARS AND ALSO TO RETURN ALL THE GOLD. NO PRECAUTION WILL WORK.

Querist : Anonymous (Querist) 19 May 2011
Dear Sir,
If in the above case bank is their whom u will put behind the bars.
Bank gives the loan on the basis of the Proper Documents(ID Proof & Address Proof)
how will any one know that gold is robery or his own if he has the above document.

Guest (Expert) 19 May 2011
Gold with robbery don't have the supporting documents.

Police may or may not arrest you, but can confiscate and seal the gold pertaining to robbery case.

You can ask for the supporting documents before giving gold loan.

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