Depositors seek action against jewellery chain
TIMES NEWS NETWORK 25.03.2018
Chennai: Concerned about their deposits with Nathella Sampath Jewelry Private Ltd, people began thronging the Economic Offences Wing (EOW) office on Saturday after news spread that the firm was accused of being involved in a ₹250 crore fraud. At least 3,000 depositors have lodged a complaint with the EOW wing and city police commissionerate.
On Saturday, at least 50 people approached the police commissionerate worried over the company’s delay in repaying their deposits.
Several complaints were filed against the firm for duping customers through its ‘gold savings’ scheme which they claimed gave them no returns. The complainants alleged that funds were not transferred though cheques were given to all the customers.
“In the last two years I paid ₹1.50 lakh. I came to know about the scheme through a WhatsApp message which asked the customers to pay ₹2000 a month,” said Narasimhan, a retired government employee.
EOW officials said the losses of depositors, with regard to the complaints lodged, were estimated at ₹33 crore. “We have identified the properties to be attached, for which we have to obtain legal permission,” said an official. Sources said most of the properties are pledged.
In October last year, the jewellery chain had admitted to cheating investors of ₹75 crore.
A case was registered against managing director Ranganatha Gupta, his sons Prabanna Kumar and Prasanna Kumar, and their relative Kota Suresh under IPC sections 406 (criminal breach of trust) and 420 (cheating) and relevant sections of the Tamil Nadu Protection of Interest of Depositors Act, 1997.
TIMES NEWS NETWORK 25.03.2018
Chennai: Concerned about their deposits with Nathella Sampath Jewelry Private Ltd, people began thronging the Economic Offences Wing (EOW) office on Saturday after news spread that the firm was accused of being involved in a ₹250 crore fraud. At least 3,000 depositors have lodged a complaint with the EOW wing and city police commissionerate.
On Saturday, at least 50 people approached the police commissionerate worried over the company’s delay in repaying their deposits.
Several complaints were filed against the firm for duping customers through its ‘gold savings’ scheme which they claimed gave them no returns. The complainants alleged that funds were not transferred though cheques were given to all the customers.
“In the last two years I paid ₹1.50 lakh. I came to know about the scheme through a WhatsApp message which asked the customers to pay ₹2000 a month,” said Narasimhan, a retired government employee.
EOW officials said the losses of depositors, with regard to the complaints lodged, were estimated at ₹33 crore. “We have identified the properties to be attached, for which we have to obtain legal permission,” said an official. Sources said most of the properties are pledged.
In October last year, the jewellery chain had admitted to cheating investors of ₹75 crore.
A case was registered against managing director Ranganatha Gupta, his sons Prabanna Kumar and Prasanna Kumar, and their relative Kota Suresh under IPC sections 406 (criminal breach of trust) and 420 (cheating) and relevant sections of the Tamil Nadu Protection of Interest of Depositors Act, 1997.
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