Delhi Police have booked the owners of a famous chain of jewellery stores for allegedly duping more than 300 people of crores of rupees.
The Economic Offences Wing (EOW), which is probing the case, identified the two main accused as Rajesh Malik and Chetan Malik. While Rajesh is the nephew of Bal Krishnan Malik, the owner of BK Jewellers, Chetan is the jeweller’s son.
Banking on the chain’s goodwill, the cousins started an investment company in May 2007 and promised investors of increasing their investment manifold as part of a fraudulent scheme, police said. For instance, if someone invested Rs 13,000 they promised to return Rs 26 lakhs after five years.
“They told their investors the principal would increase as per the growth of the company,” said a senior police officer who declined to be named as he is not authorised to speak to the media. Over 300 people from Hari Nagar in west Delhi signed up for the scheme.
Initially, they paid the investors, police said. Later, their cheques were dishonoured.
“We had received a complaint two months ago and had registered a case of cheating against them. On Thursday, after more complaints started pour ing, in we registered another case of cheating and fraud. EOW will investigate the matter,” said Rajan Bhagat, Delhi Police spokesperson.
Angry investors pelted stones at the Pitampura branch of the jewellery chain on Thursday. On Friday, the chain’s Tilak Nagar showroom was pelted with stones and the investors blocked traffic for over four hours.
The police are yet to trace or arrest the accused and raids are still on.