Hyderabad: Chain snatchings in the city are being fuelled by a nexus between pawnbrokers, jewelers and snatchers.
The pawnbrokers and jewellers buy stolen gold from habitual criminals at throwaway prices and melt them down, making big profits in the process.
A multi-crore illegal market continues to thrive in the city while the measures taken by the police have failed to curb the increasing incidents of chain snatchings.
This year alone, around 1,000 cases have been reported in the twin cities and its outskirts. Experts say police should target the receivers of illegal gold instead of merely chasing the snatchers.
As per police records, around '6 crore worth gold was snatched in Cyberabad and Hyderabad. As the police go on a wild goose chase to arrest the snatchers and recover the gold, the receivers alter the ornaments and bring it to the mainstream market.
According to sources, the receivers operate in Secunderabad, Abids, Kukatpally and other places in the outskirts. Most of them have been active for many years now, evading the police.
“Most of these receivers are not in the mainstream and they have learnt how to avoid the police. The biggest receiver may have more than 20 chain snatchers as his potential sellers. As per their agreement, the snatcher will be paid 30 per cent less than the market price since it’s stolen gold,” said a source, an earlier associate of a pawnbroker in Secunderabad.
In most chain snatching cases, police find it very difficult to recover the gold since it is sold fast. “Unlike other offenders, the snatchers come with a small quantity of gold within a day or two of the offence. The transaction is fast and the receiver alters the gold as soon as he gets it,” a source added.
There is also a group of chain snatchers who repair the ornaments with the help of goldsmiths and then approach Non Banking Finance Companies (NBFCs) in the city to mortgage them. They also use their wives or other women in their family to avoid suspicion while disposing off the gold.
Cyberabad police had earlier booked cases against the NBFCs for violating RBI norms by accepting stolen gold from chain snatchers. However, nothing much has changed.
“As per RBI norms, the NBFCs have to verify the identity, with at least three ID proofs including a photo ID, when a person comes to sell or mortgage gold. If they do not follow the rules, the only way to stop them is to book criminal cases against them,” said Cyberabad commissioner C.V. Anand.
