Pranav Jewellers Scam, Pranav Jewellers Fraud, Pranav Jewellers Scam, Pranav Jewellers News, Pranav Jewellers Scheme: In a significant development, the Directorate of Enforcement (ED) carried out searches on 20th November 2023 under the Prevention of Money Laundering Act (PMLA), 2002. The focus was on a Ponzi Scheme linked to M/s Pranav Jewellers, a Trichy-based partnership firm. The operation led to the discovery of incriminating documents, unexplained cash amounting to Rs 23.70 lakh, and the seizure of 11.60 kg of bullion and gold jewellery.
This action follows an investigation kick-started by the Economic Offences Wing (EOW), Trichy, prompted by an FIR against M/s Pranav Jewellers. The accusations suggest that the firm, under the guise of a gold investment scheme, collected a staggering Rs 100 Crore from the public with promises of high returns. Shockingly, the investors were allegedly left in the lurch as Pranav Jewellers failed to fulfill its promises.
The ED’s findings indicate a diversion of public funds to shell entities by Pranav Jewellers, purportedly camouflaged as purchases of bullion and gold ornaments. The search operation also brought to light supplier parties, documented in Pranav Jewellers’ books, confessing to providing adjustment and accommodation entries exceeding Rs 100 crores. These suppliers also admitted to delivering cash to the accused individuals instead of bank payments.
The unfolding saga of Pranav Jewellers casts a shadow over Tamil Nadu’s financial landscape, sparking an investigation by the Economic Offences Wing (EOW) police. It all began with a search operation at Pranav Jewellers’ flagship store on Bharathiyar Road in Trichy.
The abrupt closure of seven outlets across the state, orchestrated by the managing director, Madan, along with his wife Karthika and another key figure, Narayanan, triggered alarm bells and suspicions of foul play. Investors who had placed their trust in the renowned jewelry brand found themselves facing uncertainty and financial turmoil.
Responding to a surge in complaints from depositors, EOW teams in Tiruchi launched an extensive search operation, reaching various jewelry outlets scattered across Tamil Nadu. The probe extended its reach to Chennai, Nagercoil, Kumbakonam, Coimbatore, and Erode, revealing a trail of questionable practices that came to light following the sudden closure of Pranav Jewellers’ establishments.
Legal repercussions swiftly followed, with cases registered against Madhan, Karthika, and outlet branch manager Narayanan under pertinent sections of the Indian Penal Code and The Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act. As the investigation deepened, Narayanan found himself in custody, becoming a central figure in the unfolding scandal.
Pranav Jewellers, a brand with branches in Coimbatore, Madurai, Chennai, Kumbakonam, Nagarcoil, and Erode, had enticed investors through an array of Ponzi schemes. Promising high returns and additional bonuses, the firm presented an attractive investment opportunity that ultimately left countless investors in dismay as the company’s outlets shuttered unexpectedly.
During the search operation at the Trichy branch, led by EOW DSP Arun and Inspector Gandhimathi, officials uncovered a meager amount of silver jewels, raising eyebrows. The absence of gold jewels intensified scrutiny into the company’s financial dealings, prompting ongoing investigations into the depth of the alleged fraudulent activities perpetrated by Pranav Jewellers.
As the story continues to unfold, the Pranav Jewellers scandal serves as a cautionary tale, underscoring the importance of vigilance in the financial landscape and the far-reaching consequences of deceptive practices within the industry.
