News Tamil Nadu

Pranav Jewellers Endorsed By Actor Prakash Raj Accused Of Massive ₹100 Crore Scam As The Store Shuts Shop and Vanishes

October 19, 2023
The Commune

Pranav Jewellers, a well-known jewellery chain based in Tiruchy, Tamil Nadu, stands accused of orchestrating a massive financial scam, leaving thousands of investors in despair. The company, which had branches across several cities in the state, including Chennai, Erode, Nagercoil, Madurai, Kumbakonam, and Puducherry, had successfully collected a staggering sum of ₹100 crore from the public under the guise of a gold investment scheme.

Pranav Jewellers had enticed investors with the promise of high returns and special incentives for those who invested ₹5 lakh or more. Lured by these lucrative offers, numerous individuals entrusted their hard-earned money, with investment amounts ranging from ₹1 lakh to ₹1 crore.

The alarm bells began to ring approximately two months ago when the jewelry chain failed to deliver on its promise to pay the interest due on the investments. Concerned investors, who had eagerly awaited their returns, approached the management in the hope of resolving the matter. At that time, the company management reportedly assured them that the outstanding amounts would be disbursed within a week.

However, the situation took a dramatic turn on Tuesday, 17 October 2023, when investors arrived at Pranav Jewellers’ stores, only to discover that the outlets in Tiruchy and other cities were inexplicably closed. To compound their distress, the owners of the establishment were nowhere to be found, and efforts to reach them by phone proved futile.

News of the sudden closure quickly spread like wildfire, prompting a surge of aggrieved investors who had placed their trust in the jewelry chain. Their collective frustration culminated in a protest. In response to the mounting turmoil, the Fort police swiftly intervened and engaged in discussions with the disgruntled investors.

Individual complaints were subsequently filed with the authorities, and a formal investigation has been launched to probe the intricate details of the case. The affected investors are now anxiously awaiting answers, hoping for a resolution to their financial woes.

Prakash Raj’s Telling Silence

It’s important to note that actor Prakash Raj was associated with Pranav Jewellers as its brand ambassador for a significant duration. However, his silence in the face of these allegations has raised concerns. While the actor is known to mock the Modi government over any matter – be it the Chandrayaan-3 launch or the flagging off of Vande Bharat trains by the Prime Minister where he addressed Modi as “station master” or comparing the PM with Hitler, he has not tweeted anything about this issue. His last tweet was on 13 October 2023 mocking PM Modi for the hunger index rankings.

He has however “liked” posts on X that speak against the ruling BJP in the past few days. 

Netizens have questioned Prakash Raj for his silence, some with his trademark hashtag #justasking and some asking for him to be sued by the victims.

Prakash Raj Accused Of Illegal Encroachment

Prakash Raj was earlier in the news for alleged illegal construction of his bungalow in the hill station of Kodaikanal in Tamil Nadu. Villagers near Kodaikanal have complained that Prakash Raj is illegally constructing luxury bungalows in violation of government norms and encroaching on government lands in villages around Kodaikanal. There is an allegation that Prakash Raj built a road for his private bungalow by encroaching on the common dirt road used by the villagers there. Villagers have complained that he encroached on forest department’s land and constructed his own road in the Pethuparai area.

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