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Tuesday, Nov 12, 2019

Police on lookout for Maharashtra jewellers over fraud charges

EOW officials said that so far, 17 investors have come forward with complaints against RSJ, claiming the jeweller cheated them by luring them with various lucrative gold schemes.

india Updated: Nov 07, 2019 05:57 IST
HT Correspondent
HT Correspondent
Hindustan Times, Mumbai
A cheating case was registered against five directors of Ghatkopar-based Rasiklal Sankalchand Jewellers (RSJ).
A cheating case was registered against five directors of Ghatkopar-based Rasiklal Sankalchand Jewellers (RSJ).(PTI Photo)
         

The police have issued look out circulars (LOCs) against five directors of Ghatkopar-based Rasiklal Sankalchand Jewellers (RSJ) after a cheating case was registered against them for allegedly duping several investors using ponzi cash and gold schemes.

The LOCs were issued against RSJ director Zenil Jayesh Shah, his brother Nilesh Shah, and their sons, a senior officer told HT. All of them were booked by the Pantnagar police on November 2 under various sections of IPC and the case was handed over to the Economic Offences Wing (EOW) of the Mumbai police. The accused — Nilesh and Zenil —did not respond to HT’s calls and text messages.

EOW officials said that so far, 17 investors have come forward with complaints against RSJ, claiming the jeweller cheated them by luring them with various lucrative gold schemes.

The EOW is examining the possibility of applying provisions of the Maharashtra Protection of Interest of Depositors (MPID)Act.

“If any evidence indicates the possibility of a ponzi scheme, the stringent MPID Act would be added in the case,” said an EOW officer.