Trichy: Chaos erupted in Trichy as investors in a popular jewelry shop stormed the premises. Madan Selvaraj, the owner of Pranav Jewelry stores based in Trichy, found himself at the center of a fiasco when investors discovered their checks issued by the store had bounced.
The jewelry empire run by Madan Selvaraj has branches in Chennai, Erode, Nagercoil, Madurai, Kumbakonam, and Puducherry. Known for its attractive advertising campaigns, Pranav Jewelry enticed customers by offering an exchange program where customers could give their old jewelry and receive new designs after a 10-month waiting period, free of charge.
To add to the allure, Madan Selvaraj featured a famous actor in his advertisement, promising investors an interest of 10,000 rupees per month on an investment of five lakh rupees. After 10 months, investors were assured they would receive 106 grams of gold jewelry without any additional charges or commissions.
Lured by the seemingly lucrative deal, many people invested significant sums ranging from five lakh to one crore rupees. However, when they tried to cash their checks in the bank, they were met with disappointment as the checks were returned empty.
Adding to the woes, jewelry shops affiliated with Pranav Jewelry, including those in Nagercoil, suddenly closed their doors, leaving investors concerned about the whereabouts of their money.
In response to the enraged investors, more than 50 people staged a protest outside the Pranav Jewelry branch on Karur Road in Trichy two days ago. The situation turned tense, prompting the Thillainagar police to intervene. The police were able to pacify the protesters and assured them that appropriate action would be taken against Madan Selvaraj and his jewelry business. Gradually, the investors dispersed, hoping for justice to be served.
The incident has left a cloud of uncertainty over the future of Pranav Jewelry and the fate of the investors. Authorities have initiated an investigation into the alleged fraudulent activities of Madan Selvaraj, but it remains to be seen whether the victims will be able to recover their investments.
This unfortunate turn of events serves as a reminder for investors to exercise caution while dealing with such schemes and to thoroughly research the credibility of businesses offering tempting rewards. The aftermath of this betrayal will likely reverberate throughout the community as investors face the financial consequences of their misplaced trust.