The Kozhikode Rural police have intensified the search for the partners of a jewellery shop at Kuttiyadi following complaints from about 82 persons who reportedly lost their money and gold ornaments under a fraud investment scheme. One of the owners has already been arrested and a few documents have been seized.

In the preliminary investigation, it was found that the partners of the jewellery shop secured investments worth ₹60 crore from individuals. There were both cash investment and gold deposit schemes promising good returns every month or during the purchase of new gold ornaments.

According to police officials from Kuttiyadi and Nadapuram stations, there were both low-income groups and affluent persons who enrolled under the schemes for quick returns. There were reportedly investors who deposited more than one kg of gold with the jewellery firm which had opened branches in different parts of the rural area.

The investors approached the police after the main jewellery shop and its two branches were found closed for unknown reasons. When one of the branches at Kallachi was opened last week, there were many investors who reached there to claim their money and gold ornaments. However, the partners fled the spot, leaving staff members at the office.

Cases have been registered at Kuttiyadi, Payyoli and Nadapuram police stations. The jewellery shops have been functioning for over four years along with receiving funds under various investment schemes. Police sources say…

Read more…