Special Correspondent

KANNUR: North Malabar Gramin Bank has settled the claims of customers whose gold ornaments pawned in its Periya branch in Kasaragod were taken away by burglars on June 17.

A press release by the bank’s head office here said claims totalling Rs.5.16 crore of 1,155 customers were settled on October 10 and 30. They were paid the net amount after adjusting the loan dues.

The burglars had taken away gold ornaments weighing 32.947 kg and Rs.6.47 lakh in cash. Eight of the accused had been arrested and ornaments weighing 11.547 kg and Rs.10 lakh in cash recovered from them. Some of their properties in Tamil Nadu and Puducherry were attached.

The bank authorities said the ornaments had been insured and the insurance company had begun processing the claims.

The board of directors of the bank had framed a settlement policy by assessing the value of gold ornaments at the rate of Rs.1,465 a gram on the net weight.

Making-charges at the rate of eight per cent on the value were added to arrive at the claim amount.