Kundapur: Fake gold scheme - Hundreds duped of crores of rupees


Pics: Silvester D'Souza

Daijiworld Media Network - Kundapur (SP)

Kundapur, Mar 16: A case has been registered against a gold jewellery shop located near Parijata Hotel here. Reportedly, a fake scheme titled Gold Investment Monthly Cash Scheme had been floated by the firm under which a lot of people had invested. It is said that these people have lost their money.

People who were cheated include whose who remitted instalments every month to collect gold at the end of the scheme term, others who gave their gold to the firm and opted to collect monthly rent on it, and also those who deposited a lump sum amount and were willing to receive monthly dividend on it. It is said that the estimated loss is 10.5 kg gold and Rs eight crore in cash. A few who said they had lost money claimed that money was collected from about 400 houses.

The people who deposited one lac to ten lac rupees towards gold, were paid two to three thousand rupees per lac of rupees every month. This lucrative offer even attracted non-residents to invest in the gold scheme, it is learnt. The representatives of the jewellery firm undertook door to door visits to collect gold. The firm owners had said that the gold so collected would be exhibited in the jewellery store. The amounts were collected even as far back as three years, it is said.

The firm had raised loans from financial companies on the security of these gold ornaments. As the loans were unpaid, the finance company had prepared to auction the gold. Before resorting to the auction, they contacted owners of the ornaments based on names and telephone numbers attached to these ornaments. The people were asked to clear their loans as the jewellers had not paid money for a year and cheques issued to many had been returned unpaid.

People thereafter mobbed the jewellery store. The owners said they would provide accounts but so far they are understood to have failed to provide proper details to the police.

People who gathered in front of the police station on Monday presented their documents and demanded for the arrest of the jewellers and return of their gold ornaments. A few days back, people had gathered in front of the residence of a partner of this firm demanding repayment of money. The person, who is presently abroad, has since shifted his family.

Relating to the case, the police have arrested the manager of the firm Jaffer Kandlur and accountant Faraz Mavinakatte. A case in which 24 names including owners, employees etc of the firm have been mentioned, has been registered in the police station here.

 

 

 

 

  

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Comment on this article

  • Rita, Germany

    Wed, Mar 17 2021

    People never learn from past.The word Gold scheme when they hear forget everything.Who has to give gold for nothing?When one goes door to door to collect money gold ..people should think for a minute.who and why.Now Gold scheme is become cold scheme.Atleast people learn out of this in future buy gold with your own money and from a honest person .Not from some wander team.I am sure next they will open a gold shop with some other scheme .Also keep your gold and money tight under the treasure locked with two locks.Dont fall to the wrong promises of winning double .Hardearned money from your husband let it remain there for hard times.

    DisAgree [1] Agree [1] Reply Report Abuse

  • Sanjeev Kamath, Udupi

    Tue, Mar 16 2021

    Why do you still trust them?

    DisAgree [1] Agree [3] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Tue, Mar 16 2021

    Almeidaji, is it true that printing of ₹2000 notes has been stopped, any reason?

    DisAgree [3] Agree [2] Reply Report Abuse

  • M.S.D, Mangalore

    Tue, Mar 16 2021

    Gold Jewellers. Kundapur and Shirur..

    DisAgree [1] Agree [10] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Tue, Mar 16 2021

    As the economy goes further into recession more such scams will come in the open! As it is, there are numerous Ponzi and pygmy schemes operating illegally in DK which are prospering because people have no other ways to earn on their investment except puska bank FDs!

    DisAgree [7] Agree [10] Reply Report Abuse

  • Monty Dotor, Mangalore

    Tue, Mar 16 2021

    Call it dividend or interest,it is "Haraam", not "Halaal"...

    DisAgree [2] Agree [12] Reply Report Abuse

  • crasta, udupi

    Tue, Mar 16 2021

    please mention the name of the store , they may be operating in other cities too.

    DisAgree [1] Agree [21] Reply Report Abuse

  • Mohammad Ghouse, India

    Tue, Mar 16 2021

    I think this mainly happens to uneducated or little educated peoples, who don't know the safety aspects for their investment. Just they we will see the periodical higher return on investment. And cheater gang take advantage of this people. Everybody watch TV. so government should educate peoples through TV ,the ways to safeguard from cheaters.

    DisAgree [1] Agree [11] Reply Report Abuse

  • Shobakka, Udupi

    Tue, Mar 16 2021

    Common names , factor and Similarity

    DisAgree [5] Agree [19] Reply Report Abuse

  • saquib, byndoor

    Tue, Mar 16 2021

    mother of all scams demonetisation which stopped all black money cross border terrorism fake currency how can we forget it

    DisAgree [19] Agree [18] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Tue, Mar 16 2021

    Why only after 2014 ...

    DisAgree [16] Agree [21] Reply Report Abuse

  • saquib, byndoor

    Tue, Mar 16 2021

    i think many of the commenters forgot nirav, mehul, malya, pnb,bank of baroda and many more the list goes on agree there r black sheep in every community but when ever a crime is committed by a particular community highlighting it alone is not an heathy nations symbol i am not supporting any crime. crime committed is a crime and it is surely dealt with iron hand and i think this is confined to a particular area

    DisAgree [7] Agree [21] Reply Report Abuse

  • Achhu, Mlore

    Tue, Mar 16 2021

    The people who lost everything choose the way of cheating other and live. the people who cannot use this method, they kill themselves, we see many suicides now.

    DisAgree [2] Agree [15] Reply Report Abuse

  • Ramesh, Udupi

    Tue, Mar 16 2021

    Crores people of India are duped with fake promises.

    DisAgree Agree [29] Reply Report Abuse

  • Ramakrishna UR, Bangalore

    Tue, Mar 16 2021

    Why all gold scams & gold seizures at airports belong to same peaceful community?

    DisAgree [18] Agree [24] Reply Report Abuse

  • Sachidanand Shetty, Mundkur/Dubai

    Tue, Mar 16 2021

    Very good question.... In fact everybody knew the answer already..... but no body will be questioned or dare to answer because..... we will end up with other issues or controversies

    DisAgree [10] Agree [17] Reply Report Abuse

  • H. Almeida., Bendur/Andheri.

    Tue, Mar 16 2021

    Wow !! Reminds me of Mansoor Khan, Kingpin of IMA mega scam in Bangaluru, who swindled legions of greedy investors, believing that they would become super rich, overnight. Likewise these gullible, will also meet that same fate. Serves them right !!!

    DisAgree [7] Agree [10] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Tue, Mar 16 2021

    Where is Malaaika group owner couple who duped innocent greedy people of a total of 380 crores; looks like they are enjoying life in Cayman islands?

    DisAgree Agree [16] Reply Report Abuse

  • Cynthia, Kirem

    Tue, Mar 16 2021

    I heard he is in the jail Rudy....he gave a flat to his MIL wirth five crores it seems. Many people from malad/malwani/mira road are drowned. Poor people hard earned money...It is given to understand that he threatened some frequent visitors to his house, in an attempt to get the money back..by saying he has rowdies etc. Really sad. Many mangaloreans invested with him...

    DisAgree [1] Agree [8] Reply Report Abuse

  • Rudolf Rodrigues, Mumbai

    Tue, Mar 16 2021

    Where are the big sharks, the likes of Mehul, Nirav, Subash Chandra, Rotomac Gupta, Kochers, PCJ, D Chabria etc.? Now Kishore Biyani fined for insider trading will shortly join the group.. .. the list is endless most of them from one state only.

    DisAgree [1] Agree [8] Reply Report Abuse

  • Sadiq, Mangalore

    Tue, Mar 16 2021

    People are cheated by God fear persons.

    DisAgree [1] Agree [12] Reply Report Abuse

  • Sahil, Mangaluru

    Tue, Mar 16 2021

    Greediness itself hidden evil with us will cause down fall.

    DisAgree Agree [11] Reply Report Abuse

  • Anil, Dubai

    Tue, Mar 16 2021

    People will never learn / understand...!!! Similarly people will never understand/ learn to whom to vote and choose right government. Hence people are looser from every corner...!!!

    DisAgree [2] Agree [18] Reply Report Abuse

  • Amaze, karkala

    Tue, Mar 16 2021

    The word "halal investment" is eye catching always and getting duped.... people didnt learn from IMA or HEERA gold scam...

    DisAgree Agree [21] Reply Report Abuse

  • KRPrabhu, Bangaluru/Mangalore

    Tue, Mar 16 2021

    ಎಲ್ಲಿಯ ವರೆಗೆ ಮಂಗ ಆಗುವವರು ಇರುತ್ತಾರೋ...ಅಲ್ಲಿಯ ವರೆಗೆ ಮಂಗ ಮಾಡುವವರೂ ಇರುತ್ತಾರೆ...

    DisAgree Agree [31] Reply Report Abuse

  • Dylan, Mangalore

    Tue, Mar 16 2021

    This is because of low FD rate in banks and rising prices. Fake promises by Government is also a cause.

    DisAgree [18] Agree [30] Reply Report Abuse

  • Amaze, karkala

    Tue, Mar 16 2021

    People never learn ... ati aasey

    DisAgree [6] Agree [31] Reply Report Abuse

  • Althaf, Udupi/Kaup

    Tue, Mar 16 2021

    Same like Fake schemes of government

    DisAgree [21] Agree [38] Reply Report Abuse

  • Shankar, Mangaluru

    Tue, Mar 16 2021

    Lat paragraph makes all sense and substantiate the crime reported!!

    DisAgree [11] Agree [17] Reply Report Abuse

  • Prabhu, Karkala

    Tue, Mar 16 2021

    Exactly.

    DisAgree [8] Agree [8] Reply Report Abuse

  • Guru, Mulki

    Tue, Mar 16 2021

    Even after knowing who is owner of the store, if people invested money with them, they real idiots.

    DisAgree [9] Agree [20] Reply Report Abuse


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