Police intensify search for jewellery shop partners in Kuttiyadi investment scam
The Hindu
82 lose money and gold ornaments in alleged fraud
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.More Related News