By Express News Service

CHENNAI:  Loans for gold jewellery availed since March 31 are set to come under the scanner, as the registrar for cooperative societies has issued a circular saying a panel must be formed to scrutinise such loans. The development follows the Chief Minister’s announcement that loans for less than 40 grams of jewels, taken from cooperative agencies, will be waived.

During the recent Assembly session, Minister for Cooperation I Periyasamy said a large scam has taken place in availing and waiving jewel loans under the erstwhile AIADMK government. Besides, CPM State secretary K Balakrishnan recently urged the State government to initiate a CB-CID inquiry into the alleged scam.

He said one person allegedly availed `1 crore by taking more than 50 jewel loans, and many others too committed such malpractices in violation of a rule that only jewel loans up to a value of `20 lakh can be given. Besides, loans worth several lakh rupees were availed by many people who were identified as BPL beneficiaries, and loans were offered based on fake jewellery, he alleged.

The registrar for cooperative societies has now issued a circular to the managing directors of the Tamil Nadu State Apex Cooperative Bank, Tamil Nadu Cooperative State Agriculture and Rural Development Bank, all Central cooperative banks, registrar of the Chennai zone, and joint registrars of all zones, to constitute a panel to scrutinise jewel loans given since March 31…

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