In a significant development in the Trichy Pranav Jewelers fraud case, the owner, Madan, has been remanded to seven-day police custody by the court. The move comes as part of the ongoing investigation into the alleged fraudulent activities of Pranav Jewelers.
Madan operated Pranav Jewelers, a jewelry shop located on Karur Bypass Road, Trichy. The store gained attention through attractive advertisements promising high-interest rates and affordable jewelry for those who invested in the company. Many individuals trusted these promises and invested in the company, leading to the expansion of Pranav Jewelers to various locations, including Madurai, Chennai, Kumbakonam, and others.
The case against Pranav Jewelers unfolded when the company, which initially provided interest payments to investors for a few months, abruptly stopped making these payments. Concerned investors who sought answers at the store were met with evasion. Eventually, all Pranav Jewelers’ outlets were shut down abruptly, prompting investors to file complaints with the police and stage protests.
In response to the complaints, the Trichy Economic Offenses Branch initiated an investigation and registered a case against Madan, the owner, and his wife. During the investigation, Madan and his wife went into hiding. While the manager, Narayanan, was arrested and jailed, Madan surrendered himself to the Madurai court when he was wanted by the police.
In light of Madan’s surrender, the Trichy Economic Offenses Division filed a petition in the Madurai Court, seeking permission to take Madan into police custody for further interrogation. The court, after considering the petition, granted permission for a seven-day police custody to investigate Madan’s involvement in the alleged fraud.
Currently, the Trichy Economic Offenses Division police are actively interrogating Madan at a confidential location, aiming to gather more information about the financial irregularities and fraudulent practices linked to Pranav Jewelers.