Case against MD of jewellery firm for fleeing with crores of investor money

A store run by Shreekumar Pillai, who ran away with valuables

- Pradeep Gupta

Kalyan: The police have registered a case against the managing director of S Kumar Gold and Diamonds, Shreekumar Pillai, and are searching for him for cheating investors by not returning their investments running into crores of rupees along with interest on the date of maturity.

This is the third case in the recent past where jewellers have collected money from the public promising attractive returns but reneged on their promise. The police had arrested owners of Good win Jewellers and VGN Jewellers for perpetrating a similar fraud, and they are still in jail.