Curated By: Business Desk
Last Updated: November 03, 2023, 12:21 IST
One ought to train warning earlier than investing in any gold scheme.
The proprietor of Pranav Jewellers is going through expenses of dishonest by the Economic Offences Wing (EOW),
Buying gold has all the time been a secure, safe and worthwhile type of funding for a large a part of the inhabitants. The major purpose of the gold financial savings plan is to decrease the fee and simplify the method of buying gold. With gold financial savings plans, you’ll be able to put aside cash every month for a predetermined period of time in instalments. But earlier than investing in any such scheme, one ought to train warning. A rip-off involving a gold saving scheme has surfaced proper earlier than Dhanteras. The proprietor of Pranav Jewellers is going through expenses of dishonest by the Economic Offences Wing (EOW) for allegedly defrauding depositors, who had made investments within the firm’s chit fund rip-off. The funding plan was launched by the agency in January this yr. The jeweller stopped taking calls from shoppers two weeks earlier than the ten-month programme was about to finish. The police have been contacted when people didn’t obtain their promised jewelry.
The jewelry enterprise abruptly closed all of its areas in Trichy, Chennai, Nagercoil, Kumbakonam, and Coimbatore, stunning the depositors who had invested cash into its chit fund plan. EOW groups led by Deputy Superintendents of Police searched the jewelry shops on the Karur By Pass highway and the Rockfort neighbourhood in Trichy. The EOW groups additionally performed simultaneous searches on the closed jewelry shops in Chennai, Nagercoil, Kumbakonam, Coimbatore, and Erode.
The proprietors of the chain of shops, Madhan and his spouse Karthika, are going through expenses below the Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act, in addition to sections 406 (prison breach of belief), 420 (dishonest), and 120 b (prison conspiracy) of the IPC. Narayanan, the supervisor of the outlet’s Trichy department, was detained by the EOW two weeks again.
According to pointers launched by the Ministry of Consumer Affairs, a jeweller is just not permitted to take a position greater than 25% of his web price within the Advance Purchase or Gold Savings schemes. Jewellers nonetheless promote these schemes, and traders lose cash.
