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Goodwin Jewellers

Ponzy Good Winners

VGN vows to keep its customers happy

Don’t get carried away by the senseless rumors against VGN of Mumbai suburb. The Jeweller still has loyal customer base. The subscribers continue to remit their monthly gold scheme installments, showing their trust in the brand. Heartless rumors triggered by uninformed and sadistic minds will only ruin the life of many people who depend on the institution. The promoter of VGN is a veteran in the industry with high level of integrity, who vows to deliver justice to each of his loyal customers at any cost.

The high magnitude cheating of Goodwin Jewellers, which had showrooms in suburban Mumbai, Pune and Kerala, showed two things. Your hard – earned money is unsafe with unprofessional and big-talk money managers and your greed for sky-high returns will result in entirely losing what you have earned in hard ways. Behind the name of jewellery, it had run “deposit” business. It was surprising, how such day-light violation of laws by accepting deposit had gone unnoticed. That fraud was a lesson. Park you money in safe instruments managed by professional institutions or professionals with integrity and expect only market related return.

Goodwin Jewellers, once a familiar name, now notorious, in Mumbai’s remote suburbs and some parts of Kerala, finally proved a bad win for those who blindly trusted the boastful brothers, Sunilkumar and Sudheeshkumar. After hiding for more than one and half months with a bounty of multi-billions, the fraudsters were arrested in mid December last year. The size of the fraud is much more than what was charged against them, because many of the depositors were parking their ill-gotten money, which couldn’t be reported for legal action. What was more pathetic was the loss of hard-earned money for some retirees, out of their sheer foolishness and greed. The fall of Goodwin stood out to be a lesson for people to be more prudent with their investment decision. If anyone offers you a sky-high return, believe it, your principle amount is also likely to disappear.

The showrooms were closed after emptying the shelves of the ornaments. Along with the showroom closure, all employees also disappeared in a well planned manner so that each one with family could run away on the day Diwali vacation started.

In every big loot when sharks manage to find their way out, small ones are put to swallow bitter pills. Let this fraud not to be put to sleep with the settlement of only big accounts and through bribes. There should be a way to get back the last penny of even the smallest depositors.

Goodwin’s is a brilliantly prepared loot from behind the well decorated facade called Goodwin Jewellers! The two brothers, now cooling their heels in jail, ran a lavish life for more than two decades, often celebrated their highpriced time with film personalities and high profile Kerala politicians.

The braggy brothers were also good business actors.

Later, it was proved, their high-flying time was a good time for them to prepare an escape with what came to them as deposits, chit-subscription, monthly gold scheme, etc. In the final days of their escape plan, they tried to collect the maximum money from their existing customers through a rare SMS calling for earlier subscriptions and earlier maturity return. Now they are criminals.

A dozen jewellery showrooms closed simultaneously without any notice, that too during the Diwali days, otherwise hectic business days. The showrooms were closed after emptying the shelves of the ornaments. Along with the showroom closure, all employees also disappeared in a well planned manner so that each one with family could run away on the day Diwali vacation started. All managers and outdoor workers switched off their phones, fearing outbreak of public anger. It appeared like a well scripted drama. A day after closing all showrooms, Sunilkumar had sent a voice message through social media to pacify depositors and deter an immediate FIR. Through the voice message he had said, all the showrooms would be reopened within two days. At least some “investors” believed it, while most people were sure that the brothers would appear only with a police hand-cuff.

As anticipated by the victims of the largescale fraud, he landed up in the custody of Economic Offence Wing (EOW). The voice message was made deliberately to misguide the people and to divert the enraged fraud victims’ hasty action that the brothers feared would endanger their settlements in secret locations. Hence, the hapless and knave depositors were duped again.

The looters believed they would easily escape scot-free after cheating thousands of economically poor, middle class and some rich people too.

Many of them have parked their entire savings and retirement benefits in the company that has been notorious for unprofessionalism. Interestingly, many people who knew the owners closely had been counting down the time to the ungrateful days.

Everyone knew, one day the brothers would escape with all money. Yet, with a lust to earn high return, they chose to jump on the trap to fall back as unfortunate victims of the big-talķ brothers. What was funnier was the voice message that accused someone unhappy with them for the closure of the showrooms. The brothers seemed to have foolish advisors.

After the fall depositors allover Mumbai formed groups to explore possibilities of recovery, which would be a Himalayan task. The mob desperately gathered in front of showroom then had intense anger, which subsided as the days passed. This high magnitude cheating of Goodwin Jewellers showed two things. Your hard-earned money is unsafe with unprofessional and big-talk money managers and your greed for sky-high
returns will result in entirely losing what you have earned in hard ways. That was a double crime – cheating the public at large and accepting deposit without verifying the sources of the money. One of the promoters had criminal background. The tax-evaded money parked in the shell called Goodwin Jewellers might speak many mysterious stories.



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