Manappuram Gold Loan Company Security Arrangements Questioned

A recent robbery at the Manappuram Gold Loan branch in Sambalpur has left over 5,000 customers concerned about the fate of their pledged gold. This incident has sparked worries and distress among those who trusted their jewelry with the company, especially considering the company’s slogan, “Why cry when you have gold at home?” doesn’t seem fitting in this situation.

In response to the incident, customers have flocked to the branch in search of answers, but the vague reassurances from the staff have done little to ease their anxieties. The Sambalpur police have stepped in to investigate the robbery, utilizing CCTV footage and other evidence. Special investigative teams have been deployed to other states to track down the culprits, providing some hope for a resolution soon, according to Sambalpur Police Superintendent Mukesh Kumar Bhamu.

For many middle- and lower-class families, gold serves as more than just a luxury item—it’s a crucial financial lifeline. When unexpected expenses arise, these families often pledge their gold to secure loans, with Manappuram Gold Loan becoming a popular choice due to its offering of loans up to Rs. 40,000 per 10 grams of gold at an annual interest rate of 26%. However, the recent robbery has shattered the trust of many who rely on their gold as security.

Real-life stories of affected customers paint a grim picture. For example, Sona Devi from Bareipali, who pledged gold to cover her husband’s medical expenses, is now facing uncertainty about retrieving her jewelry for her daughter’s impending wedding. Similarly, Babita Binet from Thelkopada, who borrowed money to meet urgent expenses, and Ambika Mishra from Ramji Mandir Pada, who pledged precious family heirlooms during a financial crisis, are both devastated by the loss of their gold and money.

The robbery has highlighted serious security lapses at the Manappuram Gold Loan branch in Sambalpur, where approximately 30 kg of gold valued at Rs. 20 crore was stored without a single security guard present. Customers are rightfully questioning how such a substantial amount of gold could be stored without adequate security measures in place.

Despite the initial shock, hope remains for affected customers as the company has promised appropriate compensation for their lost gold. The investigation is ongoing, and there is a collective desire for the stolen gold to be recovered and justice to be served for the impacted families.