Jewellery group accused of 1,000cr fraud across state

Thiruvananthapuram: The Fort Police have registered eight cases against the owner of a prominent jewellery group in Thiruvananthapuram for allegedly defrauding thousands of customers by offering gold at discounted rates through misleading investment schemes.According to the complaints, customers were lured with promises of gold ornaments at reduced prices and no making charges if they booked gold in advance under various schemes. However, after payments were made, the promised deliveries were repeatedly delayed or never fulfilled.One such victim, Kiran R from Vattiyoorkavu, paid Rs 5.16 lakh on Jan 8, 2025, for 80 grams of gold. He was promised delivery by Feb 1. Despite repeated follow-ups, Kiran did not receive the gold or a refund and finally lodged a police complaint after waiting over five months.Similar complaints have emerged from across and beyond the district, with police estimating that over 2,000 people may have been duped. Investigations suggest that the scam could amount to nearly Rs 1,000 crore, allegedly executed through 40 branches between Thiruvananthapuram and Palakkad.The company reportedly employed a network of agents, offering them a 10% commission to attract investors statewide. "We've registered cases under Sections 316(4) for criminal breach of trust and 318(2) for cheating under the Bharatiya Nyaya Sanhita," said the police. "The investigation is focused on collecting contracts, transaction records and other key evidence."The chief minister's office and the state police chief have also received petitions regarding the fraud. Authorities expect the number of complaints to rise as more victims come forward daily.