Chennai’s famous Nathella jewelers shutdown due to citing losses and a cash crunch
Chennai.October 25: Chennai’s famous jeweller is now going shutdown, Nathella jewellers has closed down all their seven branches in Tamil Nadu, due to citing losses and a cash crunch.
According to reports, Nathella owner stated that they were going to sell their amount of property to pay hundreds of customers who signed up for a scheme that saw them buying gold in instalments.
Owner stated to media that they were worried that the money they deposited has disappeared and also some of the customers who sold their jewellery saying that the cheques that they were given have bounced.
Posters at the shop say that customers will be refunded soon.
70 years old, Nathella jewellery has five branches in Chennai,at least 50 customers were filed case against Nathella jewellery owners that they have been gypped of 17 lakhs money,
police officials have arrested on the manger in the Jewellery after about 50 customers filed a police case alleging they have been gypped of 17 lakhs, police officials have arrested the manager working in the jewellery.
Nathella Jewellery manager Prappana Kumar stated to media that “We are selling our ancestral property to settle customers’ dues, particularly those who invested in the gold saving schemes.
Also, we are also planning to reach out through emails. We hope to settle dues in a couple of weeks.”
Reports say two people named Nathella, Manikanda and his friend Veera was standing outside the Nathella Jewellery said that they had deposited close to two lakhs. But two months after he was to receive the jewellery he paid for, he says, We are giving a police complaint.”