Kerala HC dismisses Manjeswaram MLA's plea to quash FIR in Fashion Gold investment scam

·1-min read
Representative image
Representative image

Kochi (Kerala) [India], November 12 (ANI): The Kerala High Court on Thursday dismissed the plea of Indian Union Muslim league (IUML) leader and Manjeswaram MLA MC Kamaruddin seeking to quash the FIR against him in connection with the Fashion Gold jewellery investment scam.

A single-judge bench of Justice VG Arun, after hearing arguments, dismissed the plea filed by Kamaruddin, who was arrested by the Crime Branch in the matter.

Earlier, the Kerala government had submitted before the court that Kamaruddin is the mastermind behind the Fashion Gold jewellery scam and added that he used his political clout and goodwill to lure the victims to the financial fraud.

Kamaruddin's counsel, on the other hand, argued that he was named accused in a cheating case whereas the amount deposited by investors could not be returned only because the business was at a loss. This does not come under the purview of cheating, the lawyer submitted.

A case was registered against Kamaruddin for cheating investors in a company named Fashion Gold. This company was allegedly set up by him and another IUML leader Pookoya Thangal. The company was set up in 2017 with 700 investors. These investors have filed over 25 cases against him for cheating.

In his plea, Kamaruddin said that the ruling party is utilising the situation by influencing the police force to register criminal cases against him on the complaint of some investors of a private company in which he is a minority shareholder and a director.

"I am not the managing director of the company or accept remuneration from the company but get a share of profit for my investment," it added. (ANI)