KOCHI: Two directors of a jewellery based in Kochi were arrested on Thursday on charges of cheating customers by giving false promises.
According to the police, the accused, Jineesh, 31, of Wayanad and Binu G Nair of Eloor, allegedly collected money from customers offering huge returns - as much as 100 per cent - on investments in gold.
The jewellery, Artic Diamond and Jewellers Pvt Ltd, Thundiyil Plaza, near Vyttila, is owned by Jithu V Menon of Palakkad. He was arrested earlier by the Ernakulam Central police. According to police officials, Jineesh has confessed to cheating investors in Kottayam and Pathanamthitta districts of around `3.5 crore. They are accused of collecting money from investors in Tamil Nadu, Karnataka and Andhra Pradesh also.
The police said that several other complaints were registered against the jewellery at various police stations across the State, including those in Kottayam, Pathanamthitta and Thiruvananthapuram. A total of around `16 crore has been swindled by the company. Two more directors are yet to be arrested.