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VS Achuthanandan demands action on SEBI findings 

In view of the SEBI report citing alleged financial irregularities at Chemmanur International Jewellers, strict action should be taken in this regard, demanded ARC chairperson V S Achuthanandan.

Published: 28th September 2017 01:34 AM  |   Last Updated: 28th September 2017 08:36 AM   |  A+A-

CPM veteran V S Achuthanandan

CPM veteran V S Achuthanandan

By Express News Service

THIRUVANANTHAPURAM:  In view of the SEBI report citing alleged financial irregularities at Chemmanur International Jewellers, strict action should be taken in this regard, demanded ARC chairperson V S Achuthanandan. The government should urgently intervene and take measures to shut down the establishment, VS said. uch fraudulent schemes in the guise of gold deposits and chit funds have been on the rise in the state. The jewellery group promoted by CD Boby is reportedly involved in major irregularities. VS said he had earlier filed a complaint before the previous UDF Government and central financial agencies in this regard. However, no action was taken by the UDF Government, he said.

“During the SLCC meeting on June 30, 2017, SEBI blew the lid of the illegal deposit schemes run by Chemmanur International Jewellers. The report cited the establishment had illegally collected over Rs 1000 crore from different states. An amount of Rs 998.4 crore was collected from the public as an advance for gold payments from 2012 to 2015. But the establishment had a turnover of only Rs 66.3 crore in the said period, while the gold kept for sale was only worth Rs 35.26 crore. SEBI had pointed out these facts along with the presumed loss incurred by customers,” VS said.He said despite having such foolproof evidence, the police are yet to take effective steps.  “SEBI report is a vindication of my earlier stance on the issue,” he said. VS also requested the media to not support such fraudulent establishments.
 



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