Maharashtra-based Goodwin Jewellers’ alleged fraud has rendered a jolt to the customers. This scam comes at a time when high gold price and the ongoing economic slowdown in the country have dampened market sentiment.

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The Koregaon Park (KP) police filed a cheating case against Goodwin Jewellers for duping 89 people to the measure of Rs 3.4 crore. This is the second time that a first information report (FIR) has been lodged in Pune against the directors of Goodwin Jewellers.

The managing director Sunilkumar Mohanan, director Sudhirkumar Mohanan, branch manager Justine and other have been charged by the KP Police on cheating and criminal charges.

Goodwin Jewellers have stores all over Mumbai and one each in Pune and Thrissur. “Customers who have deposited money in monthly schemes are coming to us to find out whether their money is secured or not. Customer confidence has taken a beating due to the Goodwin incident. Also, customers are not showing confidence towards gold in this market,” said Anantha Padmanabhan, chairman, All India Gem & Jewellery Domestic Council.

The matter came to public attention after they shut 12 of their stores on October 22 in Mumbai and other locations, alleging stock clearance as the reason but suspicions arose when the stores remained closed for the next four days. Subsequently, the customers approached the police.

A case was registered with complaints from 397 investors received by Thane police. The Thane case is being investigated by the Economic Offence Wing (EOW). The police have not made any seizures yet and once the statements of all complainants are recorded, further course of action will be decided.

Following the agitation by customers and investors, the owners of the group released a video on social media wherein they blamed people with vested interests and business rivals for their losses.

The jewellery chain owners, who hail from Kerala, have told the affected customers that their money was "safe" and promised to return it.

First Published:Nov 11, 2019 3:19 PM IST