Fashion Gold Jewellery sold most of its assets, alleges investors

Gold price touches a record high for 11th day

Kasargod: A good percentage of the properties of Fashion Gold Jewellery, whose chairman is MC Kamaruddin, an MLA, in the Kasargod district and in Karnataka have already been sold allegedly.

It is also alleged that the entity has sold the land in Kasargod and Payyanur, the showroom it was to open in Kanhangad and its showroom in Payyanur.

The showrooms are said to have been sold to another jewellery group through benamies in February and a guest house in Bengaluru is said to have been transferred to the director of Fashion Gold Jewellery.

The showroom building in Payyannur was the last property to be sold without the knowledge of the depositors on July 13. The eight cents of land with a two-storey building was given to eight people. 

The land was involved in a civil case filed by a Kavvayi native in a Payyannur court and another by Kallar natives C Ashraf and C Subir in Payyanur and Hosdurug magistrate’s courts. 

Although the case in Payyanur was withdrawn following conciliation talks, the case in Hosdurg remains. A summons has been issued to the MLA asking him to appear before the court on October 2.

It is alleged that the transfer of the land, which has been in the court’s consideration since March, seems suspicious. There are also allegations that fake documents relating to the land were prepared.

About 17.7 hectares of land registered in 2016 in the name Kasargod taluk chairman Moilaiyarallath Kamaruddin and director T K Pukoya Thangal was sold for over Rs 15 crore on January 25.

Meanwhile, the Chandera police have registered four complaints from depositors who were cheated by the company. With this, the number of complaints in the case has gone up to 45 in Chandera; there are 12 complaints in Kasargod and seven in Payyannur.  

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