Investors allege fraud by jeweller

Yet another case of an alleged investment fraud has surfaced in Kochi with a group of investors coming up against Avatar Gold and Diamonds accusing it of swindling money.

Addressing mediapersons here on Monday, the investors alleged that the jewellery group failed to return the money they had invested in schemes offered by it. According to them, the police are yet to record the arrest of the jewellery’s managing partner, U. Abdulla, despite a case filed against him at the Kalamassery police station by one Ibrahim Kunju.

As per the complaint, Abdulla had collected Rs. 20 lakh from Ibrahim Kunju as share in the business on February 1, 2014, for which the former had to give Rs. 25,000 to the latter as the share of profit every month.

On December 7, 2015, Mr. Kunju served a notice to Abdulla expressing his desire to withdraw the amount as he wanted to invest the money on a property he had planned to buy.

However, Abdulla allegedly convinced him otherwise and collected Rs. 20 lakh on December 26, 2015, promising to return both the amounts together at the earliest.

Though Mr. Kunju had received the profit share every month till November 2015, the group failed to return Rs. 40 lakh and the profit share after November, the complaint said.

[Source:-The Hindu]