Kerala: Now, fraud in the avatar of gold schemes

KOZHIKODE: After the money circulation scheme fraud, it's the turn of gold-purchasing scheme fraud now.Two jewelleries in the district were closed down recently giving nightmares to hundreds of people who had deposited their hard-earned money in the schemes.While two cases were registered against Pandit Pawar, owner of the Ayodhya Jewellery in Kozhikode city, for cheating over 60 people by collecting money in the name of goldpurchasing scheme and deposits, another case was registered against the owner of the Grihalakshmi Fashion Jewellery, Kallachi.Both the jewelleries have been remaining closed for the past many months as the investors started demanding their money back either as cash or gold.According to the victims the jewellers lured investors by giving the interest and commission amounts promptly in the beginning stages of the schemes.Most of the customers of these schemes are from the middle class and lower middle class.They had been convinced by the fraudsters that they could buy gold for the wedding of their children if they deposit small amounts in the jewellery.According to the police, the fraudsters are also cheating people by promising 15-20 per cent interest for their deposits.Grihalakshmi Fashion Jewellery, Kallachi, according to the police, had also appointed agents for collecting chit amounts.The police also said that the chit was being promoted illegally by jeweller P P Rajan. Complainant Suresh of Kodenchery had also filed complaint against agents Sheena and Chandrika.According to the complainant, the jeweller collected a huge amounts of money from him from June 27, 2009, to June 4, 2011, for chits.Meanwhile, 54 depositors have approached the police against Pawar Pandit of Ayodhya Jewellery Kozhikode.Police have launched an investigation to spot the absconding accused. "The cases are being probed and we have charged cases under Section 420 of the IPC against the accused, the police said, adding that people should be more careful while depositing in such schemes.Many of the victims would not even be able to file complaints as they have no document or proof for the money they had handed over to the accused, said the officials.