Income Tax Department Conducts Raid On Al-Muqtadir Jewellery Group Over Allegations Of Massive Scam.

The Income Tax Department in Kerala has started conducting raids on all showrooms of the popular jewellery company Al-Muqtadir Group which is facing serious allegations of scams and financial irregularities, reports said.

The company, which quickly gained popularity with promises like zero labour charges is now accused of cheating customers and depositors of hundreds of crores. The scam allegedly involved misusing people’s trust in the name of sacredness and offering 0% labour charges to lure investors.

However, the chairman of the group, Muhammad Mansoor Abdul Salam has publicly denied the allegations on Saturday.

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However, many customers and trade associations are not convinced. They claim that the company collected large sums of money as deposits from customers, especially for wedding-related gold purchases, but failed to deliver the gold on time.

Some customers have even alleged that the company’s showrooms in Thiruvananthapuram and Kayamkulam were shut down after they protested outside the stores.

Social media platforms are filled with complaints and allegations against the company with some even suggesting that the chairman may have fled the country with investors’ money.

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However, Mansoor has dismissed these allegations as baseless. He claims that the company only accepts advance orders for gold with durations ranging from three to eleven months and offers zero labour charges as an incentive. He also insists that he has not left Kerala and is committed to the company’s business operations.

Mansoor has even announced plans to take legal action against those spreading what he calls “false propaganda” against the company. He also highlighted the company’s growth, claiming a 25-fold increase in business over the past year and ambitious plans for the future, as per Dhanam.

The company claims to have projects worth Rs 10,000 crore in the pipeline for Kerala alone. However, the All Kerala Gold and Silver Merchants Association (AKGSMA) has raised concerns about the company’s business practices.

The association alleges that the company misled customers with advertisements promising zero labour charges and then failed to deliver on its commitments. They claim that many individuals have been drawn into the scheme and are now struggling to recover their investments.

The AKGSMA has also accused the group of operating showrooms under multiple names and failing to deliver the promised gold or refund the money paid to customers who had placed advance orders. Legal action has reportedly been initiated against the group.