Kozhikode

Investment scheme fraud: Depositors ‘take over’ properties of prime accused

Putting more pressure on the police to expose all involved in the ‘Gold Palace’ investment scheme and initiate speedy recovery measures, a group of local investors who lost their money in the fraud deal has intensified their protest in Kuttiyadi by ‘taking over’ some of the immovable properties of the prime accused in the case.

A house owned by first accused V.P. Sameer in Kuttiyadi along with the land is now in the custody of the protesters who also erected flags in the private property. Action committee leaders heading the agitation say they are also planning to take over one more house owned by another partner of the Jewellery group.

For over 10 months, the depositors have been continuing with their agitations seeking strong action against those still at large. Till date, about 300 investors have filed their petitions with the local police. The fund mobilised through the fake scheme was about ₹60 crore and the majority of the investors were from Kuttiyadi, Nadapuram and Payyoli police station limits.

According to some of the local investors, many of the top director board members of the jewellery group had already sought shelter in various foreign countries to escape from the police action.   

The investigation into the multi-crore fraud was launched in September, 2021 noticing the rising number of complaints from various rural police station limits. At Kuttiyadi alone, there were 202 petitioners. Nadapuram and Payyoli stations had received over 100 complaints. Sensing the gravity of the issue, the police had then sealed three showrooms of the jewellery group apart from arresting one of its managing partners.

The action committee leaders said there were multiple schemes, including gold investments and cash deposits, promising attractive monthly returns. According to them, there were even investors who deposited huge quantities of gold ornaments for an assured monthly income.

During the investigation, the police had found that the jewellery group had been active with the fraud scheme for over four years. They came to know about the trickery when a group of duped investors staged a protest in front of a rural branch of the jewellery group at Kallachi. Some of the managing partners had instantly fled from the spot on seeing the public protest. 


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Printable version | Aug 5, 2022 12:09:26 pm | https://www.thehindu.com/news/cities/kozhikode/investment-scheme-fraud-depositors-take-over-properties-of-prime-accused/article65567962.ece