EOW arrests S K Jewellers’s MD for cheating investors of ₹70 crore

A long-time investor from Kalyan made a police complaint in February, after he failed to recover his money. The MD, Sreekumar Pillay, of S K Jewellers and S K Gold, was arrested by L T Marg police after an FIR of cheating was lodged against him

Thane: The Economic Offences Wing (EOW) of Thane have arrested a jeweller in Kalyan in a case of cheating investors of ₹70 crore.

EOW arrests S K Jewellers’s MD for cheating investors of ₹70 crore

More than 1000 citizens invested in S K Jewellers’s chit fund on the assurance of 18 per cent return on investment. While some have been investing in the scheme for five years, others were putting away their money for one year.

A long-time investor from Kalyan made a police complaint in February, after he failed to recover his money. The MD, Sreekumar Pillay, of S K Jewellers and S K Gold, was arrested by L T Marg police after an FIR of cheating was lodged against him.

On Thursday EOW officials arrested Pillay and put him in custody till September 19. The accused had outlets in various parts of Maharashtra. After defrauding people, he shut the outlet and fled.

Thane EOW officials said, “We have arrested the accused and seized all his 24 bank accounts. We have also seized some of his properties worth ₹60 crore. He was produced in court and will remain in custody till September 19. Further investigation into the crime of other accused is going on.”

All the culprits invested the money in various housing projects in Kerala and Tamil Nadu. The properties have been sealed by authorities.