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My gold was auctioned and the payment was received late. When I contacted them, they said they were not sure about my existence or whether I was alive. They verified the details and, after three months, sent the payment at a much lower rate—how is this justified?
This is not legally justified. Once gold is auctioned, the lender must pay you the actual auction value without delay. Questioning your “existence” or “being alive” has no legal basis if KYC was complete. A three-month delay and reduced payment amount to deficiency in service and unfair trade practice, actionable before the Consumer Forum. For further legal assistance, contact us on our helpline number.