A Chemmanur Jewellers agent in Navi Mumbai has been arrested for defrauding customers by issuing counterfeit certificates for their investments, totaling ₹13 lakh. The accused, Vashi Balamurali Menon, gained customers’ trust before pocketing the money and providing fake certificates. Investigations are ongoing to identify more victims. Raina Assainar reported
Navi Mumbai Jewellery Agent Arrested for Cheating Customers
One of the agents appointed by Chemmanur Jewellers has been apprehended by Vashi police in Navi Mumbai on charges of defrauding multiple customers. The accused, identified as Vashi Balamurali Menon, allegedly cheated customers out of ₹13 lakh by providing them with counterfeit certificates of investment from the jeweller.
The arrest of Menon took place earlier this week, and he is currently in the custody of Vashi police pending further investigation.
In 2013, Chemannur Jewellers introduced a scheme where customers could make advance payments for purchasing gold and reserve gold jewellery. If the gold price decreased at the time of purchase, customers could benefit from the lower rate, while if it increased, they could still buy at the rate during booking. The customers were provided with receipts and certificates as proof of their investment. Additionally, the jewellers would buy old gold from customers and offer new gold jewellery based on their desired design.
A total of fifty agents were hired to promote this scheme through door-to-door marketing. Menon, one of these agents, took advantage of the trust gained from customers and the jewellers to carry out his fraudulent activities. Initially, he conducted business honestly, but later he began embezzling the funds and issuing fake certificates.
The incident came to light when a customer named Santosh Thomas presented a certificate received from the company’s Vashi office to purchase gold. The company’s vigilance department initiated an investigation into Menon’s transactions and discovered discrepancies in the paper, color, and signature of the certificate compared to Thomas’s copy. It was determined that the certificate possessed by Thomas was forged.
“After discovering that the accused had defrauded approximately seven customers, totaling ₹13 lakh, a case was registered with us last week, leading to the arrest of the accused. We suspect there may be additional victims, and our investigations are ongoing,” stated Senior Police Inspector Shashikant Chandekar from Vashi police station.
.