Owners of Goodwin Jewellers, accused in ₹25 cr fraud case, surrender; arrested

EOW officers revealed both brothers had been hiding in Kerala after they shut down 12 branches of Goodwin Jewellers across Mumbai, Pune and Kerala on October 22, without intimating customers and investors.

Owners of Goodwin Jewellers and accused in the ₹25-crore fraud case, Sunilkumar Mohanan Akkarakaran and Sudheerkumar Mohanan Akkarakaran, were arrested by Thane Police’s economic offences wing (EOW) after they had surrendered at the Maharashtra Protection of Interest of Depositors (MPID) court in Thane, on Friday. The brothers have been charged under relevant sections of the Indian Penal Code (IPC) and Maharashtra Protection of Interest of Depositors Act.

The Goodwin Jewellers owners Sunil Kumar and Sudheesh Kumar, accused of cheating thousands of investors, were arrested on Dec 13, 2019, by Economic offences wing Thane, at special court Thane. (Praful Gangurde / HT Photo)

EOW officers revealed both brothers had been hiding in Kerala after they shut down 12 branches of Goodwin Jewellers across Mumbai, Pune and Kerala on October 22, without intimating customers and investors. “Our team had seized their properties, bank accounts and vehicles during the investigation which forced them to surrender to the court,” said Sanjay Jadhav, deputy commissioner, EOW, Thane.

There are four other accused in the case, including store managers and accountants, who are still absconding, said the police. EOW has formed three teams to investigate this case in Thane, Mumbai, Tamil Nadu and Kerala.

Since EOW took over the case on October 31, a total of 1,154 investors have registered complaints with local police stations and EOW. Aside from buying and selling jewellery, Goodwin Jewellers introduced saving schemes that offered interest rates varying between 14-18%. Nine cases of cheating and fraud have been registered against the accused and the losses are estimated to be worth ₹25 crore.

According to the officers, the brothers started the business with a store in Dombivli in 2005. When business slowed down this year, they fled with their belongings, and hid in Kerala. On November 20, the Goodwin Investors’ Association, which has around 300 members from Mumbai and Pune, filed a public interest litigation (PIL) in the Supreme Court (SC), demanding an investigation by the Central Bureau of Investigation (CBI) or by a special investigating team (SIT). Meanwhile, the brothers released audio-visual messages on social media assuring investors they would return the money deposited with Goodwin Jewellers.