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Buy gold via regulated products, ensure it gets allotted in your name

So long as a jeweller uses customers' money to meet his working capital needs, there is usually no problem

People purchasing Gold Jewellery at UTZ Jewellery Shop. Photo: Kamlesh Pednekar
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Photo: Kamlesh Pednekar

Sanjay Kumar Singh
According to media reports, the promoters of Kerala-based Goodwin Jewellers have fled, leaving a large number of customers, especially in Maharashtra, staring at the prospect of losing their money. The jeweller ran a gold jewellery scheme and also a deposit scheme, where it promised a return of 16 per cent. Some time ago, the promoter of Bengaluru-based IMA Jewels had also gone missing, leaving customers in a similar predicament.

Gold jewellery schemes are very popular in India. They run along the following lines. The customer visits a jeweller and zeroes in on a piece of jewellery. If she does not have

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First Published: Oct 30 2019 | 11:07 PM IST

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