Pledged Gold Scam: How Rs 1.5 Lakh Gold Becomes Rs 30,000! Unregulated Agencies Prey on Desperate Borrowers

• As gold prices soar, many struggle to redeem pledged gold, leading to fear of auction.
• Unregulated intermediaries lure desperate borrowers with promises to release pledged gold and buy it at a high price.
• These agencies exploit borrowers by valuing gold significantly lower than market price, paying off bank debt, and giving a small fraction to the owner.
• For gold worth Rs. 1.5 lakh, an intermediary might pay off a Rs. 70,000 bank debt and give only Rs. 30,000 to the owner, pocketing a large profit.
• Lack of regulation allows these agencies to operate unchecked, leaving victims with no recourse and severing their connection to family gold.