Thiruvananthapuram: The Fort Police have registered eight criminal cases against the owner of a well-known jewellery group in the city for allegedly defrauding thousands of customers through deceptive gold investment schemes. Victims were promised discounted gold ornaments with no making charges under advance booking offers — but many say they never received their gold or refunds.

One such victim, Kiran R from Vattiyoorkavu, paid ₹5.16 lakh for 80 grams of gold in January, expecting delivery by February. After over five months of false promises, he filed a police complaint.

Police estimate that over 2,000 customers across Kerala may have been cheated, with the total fraud value nearing ₹1,000 crore. The alleged scam reportedly spanned 40 branches from Thiruvananthapuram to Palakkad, using a network of agents lured with 10% commissions.

“We’ve booked the accused under Sections 316(4) for criminal breach of trust and 318(2) for cheating under the Bharatiya Nyaya Sanhita,” said Fort Police officials, adding that transaction records and contracts are being collected for evidence.

The Chief Minister’s Office and State Police Chief have received multiple petitions, and authorities anticipate a flood of new complaints in the coming days.

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