Before Dhanteras, Pranab Jewelers scammed Rs 100 crore, be careful while investing in gold savings schemes.

Last month, Pranab Jewelers closed its 7 stores in Trichy. The company started the investment project in January this year. It promises to give 106 grams of gold at 2 percent interest after 10 months if you invest 5 lakh rupees. Two weeks before the completion of 10 months of the scheme, the jewelers stopped answering calls from customers. This has led to panic among consumers, as the scheme of exchanging old jewelery and buying new jewelery within a year without any charges was also launched some time ago. People did not get new jewelry and the matter reached the police. Jewelers change but the scheme remains old. This time, just before Dhanteras, the big shock faced by customers is reminiscent of the Goodwin Jewelers scam of 2019.

Every year there are scams in gold savings schemes.

In 2019, a complaint was filed against Rasiklal Shankalchand Jewelers by the Economic Offenses Wing after investors were duped into a gold savings scheme. Sreekumar Pillai of S Kumar Gold and Diamonds, Kalyan, Mumbai went missing in February 2022. Earlier, he had taken Rs 1.56 crore from investors in a gold savings scheme. In this scheme, investors were claimed to pay 15-18 percent interest. Mumbai-based VGN Jewelers is also on the list of jewelers that have failed to fulfill their commitments under the gold savings scheme.

There is no effective institution for complaints

If someone commits a bank fraud, he can file a complaint with the RBI. A complaint can be lodged with the IRDAI against the insurance company. Stock complaints can be made to SEBI. But, investors don’t know where to complain about jewelers running gold savings schemes. When I spoke to the Moneycontrol Jewelery Council about this, they refused to do anything about it. All India Gem and Jewelery Domestic Council Chairman Saiyam Mehra said, “We have not received any complaints from jewelers or consumers or the courts. We are not aware of any pending payment from jewelers until we receive complaints.” We can’t do that. something.”

Be careful while investing in gold loan schemes

After several complaints of jewelers cheating investors after launching the gold savings scheme, the Ministry of Consumer Affairs has issued only one guideline. Where does it say that a jeweler cannot invest more than 25 percent of his net worth in gold savings schemes or advance purchase schemes? Despite this, jewelers launch such schemes. Then the investors disappeared with the money. Those who invest their hard-earned money in such schemes have no choice but to repent.

(Tagsto Translation) Pranab Jewellers

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