Need to get our money back from Nathella Jewellery
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We are being called as ‘fools’, are we really?
The recent scam (now, can it be called a scam? We leave it to the Jeweller) through Gold savings schemes by Nathella Jewellers was shell-shock to all its staunch customers. 7 decades of renowned business, 7 branches across Tamilnadu with few hundred crores of turn-over every year, but still Nathella Jewellers needed the money from a source that was hard-earned, blood-shed from its loyal customers, who believed or rather made to believe that their money will be repaid with good returns.
It has been never easy & it’s a dream for all daily-wages, salaried employees to own a gram of gold that can improve their savings. There is no second thought for Investment in gold and one would always find ways and means to invest into it. With prices sky-rocketing, one cannot afford to get an 8 grams gold in one go and will tend to save every month. Again, savings is cumbersome and we are not disciplined to apportion funds every month. All these hindrances and attractive advertisements by Jewellers like No making charges, No wastages, etc., will make anyone to go forward to start a Gold saving scheme. As the saying goes, “Nothing comes for free”, every month EMIs from enrolled members will accumulate interests which compensates the above charges to Jewellers.
Now, a genuine, honest, unadulterated Jeweller will never try to use the above funds in another business desiring voraciously for more profits. When this happens in an uncontrollable way into multiple businesses without foreseeing outputs, a jeweller end up with almost no funds launching into forfeits of properties by Bankers. Negative cash flows, fraudulent Balance sheets, etc., will be seen as consequences. Can a Jeweller share the profits to all its members, when the investments from saving scheme sources turns into a big success? Answer is definitely ‘No’, then why a member be penalised when it’s a loss. In fact any member is not interested on such financing and all they require is return on their investments through Savings schemes.
How do we get back our money now? Its heart-threatening that close to 21000 members worth close to ₹75 crores are pending, as told by the Jeweller. This is cake-walk for a firm that is 75 years old, to settle to all its smitten customers. We are expecting our lives back and we do not want to be cheated a penny!
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