Stephan Kayyar

Daijiworld Media Network - Kasargod (SP)

Kasargod, Aug 29: A case has been registered against Manjeshwar MLA M C Kamaruddin, in Chandera police station on the basis of complaint that he had failed to return the money collected from depositors.

Kamaruddin happens to be the chairman of a fashion gold jewellery firm having its central office at Cheruvathur. Complaints were filed by Arif, Abdul Shukoor, and Zohara, complaining that money due to them was not paid.

Case has also been registered against the managing director of the jewellery firm, T K Pookaya Tangal. As per the complaint, Rs 36 lac had been collected from the three depositors.

Branches of the jewellery firm at Payyannur, Cheruvathur and Kasargod had been closed down during January this year. There are about 800 investors in the firm. The complainants have alleged that the assets of the company were transferred in the name of the managing committee with the purpose of deceiving the depositors.

The firm has failed to disburse dividends to the depositors since August last year, and the depositors had approached the police with a complaint in this connection. Abdul Shukoor reportedly had invested Rs 30 lac, Sohara had invested 15 sovereigns of gold and one lac rupees in cash, while E K Arif from Valiyaparamba had invested three lac rupees. The police said they have received complaints from several other depositors.

Kamaruddin sees political conspiracy

Kamaruddion claimed that this is part of political conspiracy hatched against him. He asserted that no cheating or duping has taken place. "This jewellery firm is a limited company with many shareholders and depositors.

We have disbursed dividends to shareholders and depositors. A committee was formed and it was agreed upon that the deposit amount would be refunded in three months. The company is functioning as per rules and the police do not have the right to register cases, the MLA stated.