Pics: Silvester D'Souza
Daijiworld Media Network - Kundapur (SP)
Kundapur, Mar 16: A case has been registered against a gold jewellery shop located near Parijata Hotel here. Reportedly, a fake scheme titled Gold Investment Monthly Cash Scheme had been floated by the firm under which a lot of people had invested. It is said that these people have lost their money.
People who were cheated include whose who remitted instalments every month to collect gold at the end of the scheme term, others who gave their gold to the firm and opted to collect monthly rent on it, and also those who deposited a lump sum amount and were willing to receive monthly dividend on it. It is said that the estimated loss is 10.5 kg gold and Rs eight crore in cash. A few who said they had lost money claimed that money was collected from about 400 houses.
The people who deposited one lac to ten lac rupees towards gold, were paid two to three thousand rupees per lac of rupees every month. This lucrative offer even attracted non-residents to invest in the gold scheme, it is learnt. The representatives of the jewellery firm undertook door to door visits to collect gold. The firm owners had said that the gold so collected would be exhibited in the jewellery store. The amounts were collected even as far back as three years, it is said.
The firm had raised loans from financial companies on the security of these gold ornaments. As the loans were unpaid, the finance company had prepared to auction the gold. Before resorting to the auction, they contacted owners of the ornaments based on names and telephone numbers attached to these ornaments. The people were asked to clear their loans as the jewellers had not paid money for a year and cheques issued to many had been returned unpaid.
People thereafter mobbed the jewellery store. The owners said they would provide accounts but so far they are understood to have failed to provide proper details to the police.
People who gathered in front of the police station on Monday presented their documents and demanded for the arrest of the jewellers and return of their gold ornaments. A few days back, people had gathered in front of the residence of a partner of this firm demanding repayment of money. The person, who is presently abroad, has since shifted his family.
Relating to the case, the police have arrested the manager of the firm Jaffer Kandlur and accountant Faraz Mavinakatte. A case in which 24 names including owners, employees etc of the firm have been mentioned, has been registered in the police station here.