Kamaruddin chief conspirator of fashion gold jewellery scam; he misappropriated investor’s money for his personal needs: Govt

KASARGOD: State government has told that M C Kamaruddin MLA is the chief conspirator in the fashion gold jewellery scam. The MLA has used his political influence for the scam. The government has informed the high court that fashion gold jewellery scam is similar to popular chit funds scam and all accused in the case including Kamaruddin has misappropriated investor’s money for their personal gains.

Even the investment in the jewellery was invited in an illegal way. The Jewellery does not have the required permission to gather investment in this way. The company also gave wrong information to the probe agencies. Documents of investment have also not been served to the investors by the Jewellery. In the affidavit filed before the court, the government has demanded probe over the loss of the company’s gold and jewellery.

A special team has been deputed for investigating the case. If needed, other directors of the jewellery will be chargesheeted in the case. The scam was done by Kamaruddin and Pookoya Thangal. The lawyer who appeared for the probe team also told the court that the accused misappropriated investor’s money for personal gains.

Meanwhile, Kamaruddin told the court that he is the honorary chairman of the jewellery and charge sheeting him alone in the case without including the jewellery is intended to malign his image before the public. If the shareholders have any complaints then they should approach the company law tribunal and not the police. The dividends were given till September 2019. He asked the court that he should be given a chance to approach the National Company Law Tribunal as money which is due to the company, should be retrieved. The court has postponed the case to Thursday, for issuing the final verdict.