Goodwin Jewellers director and managing director arrested in ongoing cheating case

By

Isabelle Crossley

Published
Mar 25, 2021

Pune police arrested Goodwin Jewellers’ managing director Sunilkumar Akkarakaran and director Sudheerkumar Akkarakaran on Tuesday in connection with the cheating case registered against the jewellery business in 2019.

 
Sunilkumar Akkarakaran and Sudheerkumar Akkarakaran were arrested by a team headed by deputy commissioner of police Bhagyashri Navatake, TNN reported. Following their arrest, a Pune city court remanded them in police custody until Friday.
 
“In Pune, over 200 people have recorded their statements to the police, apart from the complainant,” assistant police commissioner Shivaji Pawar told the Times of India. “The jewellery store has duped over Rs 25 crore ($3.76 million) collectively.”

In 2019, Goodwin Jewellers unexpectedly shut the doors to its network of Maharashtra stores, leaving investors in the lurch. Hundreds of people had invested in the business’ gold schemes and the event called into question the legality of the practice. Investors in jewellers’ gold schemes currently have no legal protection if the business faces liquidation, which was the case for Goodwin Jewellers’ customers. 
 
The case was earlier registered at the Koregaon Park police station and the accused were previously arrested by police in Thane. Both suspects were in the magisterial custody of Thane jail, where the economics offences wing arrested them and transferred them to Pune.