| Address: Magarpatta Rd, Shop19/20, Opposite Magarpatta South Gate, Pune, Maharashtra 411013 |
I, Mr. Vishal Pandey, am the registered customer under your FPP Gold Scheme (Customer Order Ledger attached for reference). My account is solely in my name, and I am the lawful account holder of the said scheme.
I am shocked to learn that in May 2025, an amount worth ₹30, 000/- (Thirty Thousand Rupees) was unlawfully redeemed against my gold policy without my physical presence, identification, or consent. This was facilitated merely through an OTP verification sent to a mobile number that was incidentally in use by my estranged partner, who is neither a joint holder of the account nor legally related to me as wife (no marriage certificate, no shared surname, and no legal documentation exist in this regard).
Grave Lapses on Part of PNG Jewellers:
Violation of KYC Norms: As per RBI and SEBI guidelines, mandatory customer identification is required before redemption of any financial or gold savings scheme. PNG failed to conduct proper due diligence.
Breach of Trust and Negligence: My account was redeemed in absence of my signature, physical ID verification, or biometric authentication. Reliance solely on an OTP sent to a registered number (without verifying identity of the person redeeming) is gross negligence.
Unauthorized Transfer of Property: Gold worth ₹30, 000/- was released to a third party, who is not the lawful account holder, making PNG directly liable for unauthorized transfer and financial loss.
Breach of Fiduciary Duty: PNG, as the custodian of customers’ funds under this scheme, is legally bound to protect the account holder’s interest. This breach attracts both civil and criminal liability.
Possible Criminal Offense: The act amounts to criminal breach of trust (Sec. 406 IPC), cheating (Sec. 420 IPC), and negligence leading to wrongful loss (Sec. 72 IT Act).
My Legal Demands:
Conduct an immediate internal inquiry into this unauthorized redemption.
Restore/reverse my balance of ₹30, 000/- with applicable compensation for mental harassment and negligence.
Provide a written explanation as to how such a transaction was approved without mandatory KYC/ID verification.
Initiate disciplinary/penal action against responsible employees.
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