Soni is elder brother of my friend. He owns a jewelery shop. Mostly Soni lends money on interest against gold and gold ornaments. Himself a wealthy man, Soni is very popular among his borrowers and customers as being a very fair and honest person. His rates of interest are low compared to other dealers and lends almost seventy per cent money against gold value unlike others who lend fifty per cent. He is lenient in his dealings to the extent that occasionally, if a borrower is unable to pay full interest, but has arranged the amount borrowed from Soni, he returns his gold charging minimum token interest. More over, all his dealings are on paper, black and white.
Soni is also reputed as being an expert in gold, its purity and its value. His profit lies in customers who do not return to claim their gold in stipulated time, customers such as share market players, race goers etc. Soni usually waits for double the stipulated time and then disposes off the gold making fair profit. Though some people tried, no body has ever been able to fool him in his twenty years in shop, that is, until year before last.
One day, as Soni was closing his shop, a well to do man, obviously in trouble, walked in. Soni, against his better judgment and principle of not making any deal from half an hour before the closing time, listened to the gentleman’s tale of woe and looked at the necklace in a pink napkin placed before him. Instantly he knew its value to be around two lakhs. The customer wanted Rs. one lakh seventy five thousand against it. Soni apologized saying he could lend one lakh forty thousand maximum. Disappointed, the man returned the necklace in pink napkin in his pocket and started to move towards exit door, hesitated, returned and pleaded if Soni could extend the amount to one lakh fifty thousand. Feeling pity for the man was obviously in trouble, Soni agreed. By this time Soni’s two employees were half way through closing the shop as they were already late and the main lights were dimmed. The man took out the napkin containing the necklace and gave it to Soni opened the napkin, saw the necklace, put it in safe, prepared a receipt for the necklace putting its weight (he had weighed it earlier) and value at around two lakhs, borrowed amount, and lending period ninety days, his minimum. That meant that if the borrower did not claim his article in ninety days, Soni was free to dispose it off in the market and recover his money. He gave one lakh fifty thousand to the customer who was in no hurry to leave the shop, visibly relieved, thanked Soni profusely and promised to return the borrowed money in ten days and claim his article.
Next morning, Soni took out the necklace from the pink napkin to be sealed in the big cloth envelop with borrower’s name printed on it, as was his practice. The moment he took out the necklace, he knew he had been tricked. This necklace was simply gold plated, not worth even ten thousand, leave alone two lakhs. This was not the one he had been shown when that customer came in the previous day. That meant two identical necklaces were put in two identical napkins. Dim lights and his hurry to close shop had him fooled. He cursed himself. His shock was not so much for the loss of money. His ego, his expertise, his confidence were hurt. For the first time in twenty years, he was defeated. He could withstand the monetary loss, but not this defeat. However, being a wise man, he kept quite about it, although he confided in his younger brother who is my friend. After a few days, he accepted the loss and went about his business sure he had last seen the borrower.
After more then two months he took out the fake necklace and put it on display. Almost nearing three months two women came to his shop, bought one expensive ring, paid for it and suddenly saw the necklace and liked the design. Soni told them it was just gilt and not gold. But the women seemed enchanted with its design. Here Soni made his second mistake. Against his normal rule of not selling any mortgaged item before ninety days, he sold the necklace after some haggling for seven thousand and thought: “good riddance.”
Two days prior to the deadline of ninety days, the original borrower walked in whistling, quite happy. He produced Soni’s receipt which mentioned gold weight of the necklace, its value and amount borrowed along with bundles of currency worth one lakh fifty thousand, enquired about the interest to be paid and demanded the necklace. Red faced, Soni knew he was tricked again. But this time he decided not to keep quite. He called police and his lawyer. Both the police and the lawyer knew Soni was right. Meanwhile, the customer made a move and filed a complaint against Soni. After a few days of many deliberations with police and advocates and advice from elderly, experienced well wishers, the matter was settled mutually outside court with Soni paying another one lakh fifty thousand to the gentleman.
Soni is also reputed as being an expert in gold, its purity and its value. His profit lies in customers who do not return to claim their gold in stipulated time, customers such as share market players, race goers etc. Soni usually waits for double the stipulated time and then disposes off the gold making fair profit. Though some people tried, no body has ever been able to fool him in his twenty years in shop, that is, until year before last.
One day, as Soni was closing his shop, a well to do man, obviously in trouble, walked in. Soni, against his better judgment and principle of not making any deal from half an hour before the closing time, listened to the gentleman’s tale of woe and looked at the necklace in a pink napkin placed before him. Instantly he knew its value to be around two lakhs. The customer wanted Rs. one lakh seventy five thousand against it. Soni apologized saying he could lend one lakh forty thousand maximum. Disappointed, the man returned the necklace in pink napkin in his pocket and started to move towards exit door, hesitated, returned and pleaded if Soni could extend the amount to one lakh fifty thousand. Feeling pity for the man was obviously in trouble, Soni agreed. By this time Soni’s two employees were half way through closing the shop as they were already late and the main lights were dimmed. The man took out the napkin containing the necklace and gave it to Soni opened the napkin, saw the necklace, put it in safe, prepared a receipt for the necklace putting its weight (he had weighed it earlier) and value at around two lakhs, borrowed amount, and lending period ninety days, his minimum. That meant that if the borrower did not claim his article in ninety days, Soni was free to dispose it off in the market and recover his money. He gave one lakh fifty thousand to the customer who was in no hurry to leave the shop, visibly relieved, thanked Soni profusely and promised to return the borrowed money in ten days and claim his article.
Next morning, Soni took out the necklace from the pink napkin to be sealed in the big cloth envelop with borrower’s name printed on it, as was his practice. The moment he took out the necklace, he knew he had been tricked. This necklace was simply gold plated, not worth even ten thousand, leave alone two lakhs. This was not the one he had been shown when that customer came in the previous day. That meant two identical necklaces were put in two identical napkins. Dim lights and his hurry to close shop had him fooled. He cursed himself. His shock was not so much for the loss of money. His ego, his expertise, his confidence were hurt. For the first time in twenty years, he was defeated. He could withstand the monetary loss, but not this defeat. However, being a wise man, he kept quite about it, although he confided in his younger brother who is my friend. After a few days, he accepted the loss and went about his business sure he had last seen the borrower.
After more then two months he took out the fake necklace and put it on display. Almost nearing three months two women came to his shop, bought one expensive ring, paid for it and suddenly saw the necklace and liked the design. Soni told them it was just gilt and not gold. But the women seemed enchanted with its design. Here Soni made his second mistake. Against his normal rule of not selling any mortgaged item before ninety days, he sold the necklace after some haggling for seven thousand and thought: “good riddance.”
Two days prior to the deadline of ninety days, the original borrower walked in whistling, quite happy. He produced Soni’s receipt which mentioned gold weight of the necklace, its value and amount borrowed along with bundles of currency worth one lakh fifty thousand, enquired about the interest to be paid and demanded the necklace. Red faced, Soni knew he was tricked again. But this time he decided not to keep quite. He called police and his lawyer. Both the police and the lawyer knew Soni was right. Meanwhile, the customer made a move and filed a complaint against Soni. After a few days of many deliberations with police and advocates and advice from elderly, experienced well wishers, the matter was settled mutually outside court with Soni paying another one lakh fifty thousand to the gentleman.
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