Chennai Jewellery Store Cheats Hundreds Of Gold Deposits, 2 Arrested
NDTV
Brothers Sujith Cherian, the MD, and Sunil Cherian, director, were denied bail by the special judge court under Tamil Nadu Protection of Interest of Depositors.
Two promoters of the popular Kerala Fashion Jewellery (KFJ) have been arrested in Chennai for allegedly swindling 26 crore deposits made by at least 1,689 customers under various gold purchase schemes between 2016 and 2019.
Brothers Sujith Cherian, the MD, and Sunil Cherian, director, were denied bail by the special judge court under Tamil Nadu Protection of Interest of Depositors.
"Yes we have arrested both of them. The court has denied them bail. In 2019 the police had filed a case of cheating, criminal conspiracy, criminal breach of trust and inducing delivery of property," Suresh, DSP, Economic Offences Wing, told NDTV confirming the development.
There is hope that this could pave way for some kind of recovery.
