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Gold Quest: police seizure totals Rs. 20 crore

The police seized cash, gold and silver, totally worth Rs.20 crore, allegedly belonging to the promoters and some senior executives of the Gold Quest, Commissioner of Police G. Nanchil Kumaran told reporters here on Tuesday.

Following complaints of cheating against the multi-level marketing company, the Pulianthope police had registered a case and arrested seven persons 10 days ago. Subsequently, they raided premises of the company and seized incriminating documents.

They are on the lookout for a key accused, said to be in Malaysia, and many other persons suspected to be the key links.

Until Saturday, a total of 8,227 complaints from the public, including those from Karnataka, Andhra Pradesh, Kerala and Puducherry, have been received by the police. The petitioners continue to pour into the Commissionerate, he said.

Mr. Kumaran said that apart from Rs.3.5 crore in cash seized from a private bank locker, 87 kg of gold coins, 900 kg of silver coins, 250 mobile phones, a Honda Accord car and a Honda City car were seized during the search operations.

Commending the Joint Commissioner of Police (North) M. Ravi, Deputy Commissioner (Pulianthope) G. Sampath Kumar and the police teams for swiftly acting upon the complaints, he said that public should refrain from investing their hard earned money in such multi-level marketing schemes. Many educated youth, including women and senior citizens, had parted with their savings by becoming a member, he added.

The police are examining the possibilities of detaining the accused under stringent Acts as the investigations conducted so far suggested that the intention of the accused was to cheat public, he said.

Mr. Kumaran said that they have submitted a report to the Director-General of Police and sought approval for transferring the case either to the CB-CID or the Economic Offences Wing police.

Source: The Hindu


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