October 20, 2021
Scam/Fraud

Owner of VGN Jeweller sent to jail custody, Thane police approached by 137 investors cheated by firm » Scammer News

Thane: After the Economic Offence Wing of the Thane crime branch arrested the 76-year-old man, the owner of VGN jeweler for running a Ponzi scheme racket, around 137 investors have approached the EOW police taking up further the total to more than Rs 10 crore. The police said lockdown and pandemic had resulted in breaking the chain of the jewelers, who had no new investors to rotate the cash flow.

According to the Thane crime branch, the arrested accused was identified as Virithgopalan Nair (76), who was arrested on October 5. “He was in police custody till October 9. After producing in court on Saturday, the court ordered him jail custody,” said Sunil Lokhande, deputy commissioner of police, EOW, Thane police.

The police said that the owner, Virithgopalan Nair of VGN jewelers, and his wife Valsala had started a finance firm in Kalyan. Meanwhile, they also had their jewelry stores in Dombivli, Ulhasnagar, and Mulund…

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