MC Kamaruddin, Fashion Gold showrooms | Screengrab: Mathrubhumi news
Kasaragod: The hard-earned money of several people have been lost as a result of Fashion Gold deposit scam. The investors decided to launch police complaint as they had no other option left. So far, more than 100 cases and complaints have been registered. Eventually, Fashion Gold chairman and Muslim League MLA MC Kamaruddin have been arrested.
People from different parts of Kasaragod district deposited lakhs in Fashion Gold. Many people were willing to deposit the money without a second thought as it was an institution run by many prominent personalities including politicians. However, they ended up being prey to this large scale betrayal.
The depositors grew anxious once all the branches of the jewellery were closed down. Nobody came out with any public response during the initial phase. They believed they would get back their money eventually.
However, once the jewellery showrooms in Kasaragod districts were closed down, the depositors started filing complaints. By then, they realised that this was a huge scam. Although there were a lot of discussions held to solve the issue, nobody gave any clear answer regarding who would return the money to the investors or how.
Fashion Gold International was founded in 2006. Later, Omar Fashion Gold was registered in 2008, Nooj Gold in 2009 and Fashion Ornaments in 2012. Around 750 people deposited money in these institutions. The depositors were told that all 4 were the same company.
Jewellery management claimed that they could not return the money as their business crashed. However, the depositors stated that the company collected money even when the jewellery branches were being shut down. There are also allegations that the shares of the company were sold without the knowledge of the depositors.
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