Kerala Gold Scheme Collapse: Investors Duped by Apollo Jewellery Group

The Enforcement Directorate has frozen assets worth approximately Rs 80 lakh from a Kerala-based group, Apollo Jewellery, accused of scamming investors. This followed raids at 11 locations. The group allegedly defaulted on dividends and refunds promised under its investment scheme, leading to concerns of money laundering.

The Enforcement Directorate (ED) has taken decisive action, freezing assets valued at around Rs 80 lakh linked to the Kerala-based Apollo Jewellery Group. This comes amid allegations that the group lured investors into a fraudulent monthly investment scheme under the guise of high returns, dubbed 'Apollo Gold.'

On October 17, raids were executed across multiple locations in Calicut, Malappuram, and Thiruvananthapuram. These searches targeted residential and business premises linked to key figures within the Apollo and Samana group of companies, uncovering significant financial irregularities, according to an ED statement.

Authorities revealed that the group's activities were scrutinized following 48 FIRs filed by the Kerala Police. Promoters, including Moosa Haji Charaparambil and other directors, are accused of deceiving investors by not meeting the dividend payments or refunding investments since 2020, raising further doubts about the financial health of the defunct companies.

(With inputs from agencies.)