By Vineet Malik | March 7, 2024 | London, England
'Gold Deposit Scheme’ (GDS) introduced by the Indian Government is a means to con people.’
Manubhai Patel, a resident of Mumbai, in 2010 purchased 1000 grams of swiss gold coins with 999.9 Part Per Thousand purity (PPT) through the ‘Gold Deposit Scheme’ jointly introduced by the Central Government and State Bank of India (SBI).
As per the GDS scheme, Patel had deposited the gold coins with SBI.
The terms and conditions in the small print stated, “The depositor will have the option of redemption in gold or rupees on maturity.”
Little did Patel know that, his decision to invest money in SBIs GDS scheme would make him run from pillar to post to get his own money back.
Patel was shocked to realize that, he was allegedly conned by SBI and the India Government (IG) MINT pertaining to difference in weight, purity and for being time and again refused to redeem from gold to money in breach of the conditions stipulated in the terms and conditions.
The difference accrued to .05 grams in weight, 0.9 ppt in purity and INR7,00,000 / £7,000 approximately in value.
Patel felt cheated and was compelled to file a criminal complaint at Malad Police Station, a Mumbai suburb in Maharashtra state in November 2020. The Police did not take any action, transferred the complaint to deliberately subvert justice and shield the Government Bank.
Now, after almost three and a half years, the Additional Metropolitan Magistrate – Bhagwan Narayanrao Chikne at 24th Court, Borivali passed an order on 28 February giving directions to Malad Police to register a criminal case – First Information Report (FIR) against the bank and Assistant General Manager K. Parthasarathy under several criminal sections of the Indian Penal Code (IPC).
Patel says “SBI in collusion with the IG MINT is involved in fraudulent practice and running a scam to deceive people under the Gold Deposit Scheme.”
SBI is a Government owned, 43rd largest bank in the world which ranked 221st in the Fortune Global 500 list.
The India Government MINT is responsible for production of currency, refining of gold and silver currency and other related services.
In 2014, It was alleged that, SBI had sanctioned a loan of INR100 Crores / £10 Million to Adani, an Industrialist known as an ardent supporter of the Prime Minister of India Narendra Modi.
SBI was later surrounded under charges of crony capitalism.
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