Brothers held in Chennai for swindling away crores of deposits in gold schemes

Golden pony of a ponzi scheme!

Operators of the bling house Kerala Fashion Jewellery have been arrested in Chennai for allegedly swindling deposits made by over 1,600 customers under gold purchase schemes between 2016 and 2019. Police say nearly ₹26 cr worth of deposits have been embezzled.

Brothers Sujith and Sunil Cherian, the MD and director, respectively of Kerala Fashion Jewellery, have been denied bail.

The investors claim there hope that this could pave way for some kind of recovery.

Some of the schemes were endorsed by actor Praksh Raj and actor-director Lakshmi Ramakrishnan.

The brothers, in an affidavit, blamed it on a false campaign, which they claim triggered mass withdrawal of deposits and consequently led to the closure of their gold stores.