Mysuru jewellery owner held for alleged gold scheme fraud

Mysuru: A jewellery shop owner has been taken into custody after allegedly collecting monthly instalments from more than 80 people on the promise of providing gold and then leaving the city, in the latest gold fraud case reported in Mysuru.

The alleged fraud took place at Mohan Jewellery near Vivekananda Circle. Shop owner Mohan Lal had reportedly operated gold savings schemes in the past two rounds, collecting monthly instalments from customers and handing over gold as promised. This helped him gain the confidence of customers.

Encouraged by the earlier schemes, several people reportedly invested larger amounts in the latest scheme, hoping to purchase gold through monthly instalments. However, the shop remained closed for about a week, leaving customers worried.

According to the complainants, Mohan Lal also vacated his residence and allegedly left the city without informing the customers. More than 80 people are believed to have been affected by the scheme, with the exact amount allegedly collected from them yet to be ascertained.

Customers who claimed to have been cheated approached the Kuvempunagar police and lodged complaints against the jewellery owner. Following the complaints, police traced Mohan Lal and took him into custody for questioning.

Police are currently investigating the operation of the gold savings scheme, the number of customers involved and the total amount collected. They are also examining whether others were involved in the alleged fraud.

The case comes soon after the controversy surrounding the Chinnathambi gold cheating case in Mysuru, raising fresh concerns over gold savings schemes run by jewellery establishments.

Police are expected to record statements from the affected customers and verify financial transactions and other documents related to the scheme. Further action will be taken based on the findings of the investigation.