Boby Chemmanur gold group under income tax scanner.
Kerala-based Chemmanur International Jewelers, which has Boby Devassikutty as its administrator, has gone under Income Tax office's scanner for professedly gathering stores from individuals without permit from RBI and SEBI. A progression of pursuits at the gathering's workplaces in the course of recent weeks uncovered that the stores are occupied with a danger ridden cash chain model of business action, sources have said.
Taking after the inquiries, the Income Tax Department has served notification to many investors over the state, soliciting them to clarify their source from salary and pay assessment and punishment.
As per sources, the division has so far recognized 3,000-odd speculators who had made stores extending from Rs 10 lakh to Rs 3 crore with the gem dealer.
"The Income Tax Department has gathered proof that propose that unaccounted cash went into the stores, which were gathered under a plan offering 13 for each penny premium. A noteworthy piece of stores were acknowledged in real money and the whole operation was avoided the wage charge domain. Sees have been sent to the investors. The individuals who couldn't clarify their wellspring of pay have been requested that compensation expense and punishment,'' a source said. Sources said Chemmanur, as other gold firms, gathered cash as development for purchasing trimmings. The gathering offers gold trimmings according to that plan. Be that as it may, it has a store plan offering surprisingly high rate of interest. Under that, Chemmanur purportedly gathered Rs 454 crore (as on March, 2015) with no permit to do as such. Boby Devassikutty, director of the Thrissur-based goldsmith, hit features in 2012 when he made Diego Maradona the brand represetative of the firm. In 2014, Boby partook in a keep running crosswise over Kerala to spread the message of blood gift. The gathering has credits and speculation division, chit reserve and retail outlets of gold trimmings. Responding to the continuous test, Boby said, "All gold firms in Kerala are gathering advances and we are doing likewise. In some cases, dark cash may have included in the stores. I don't know why the Income Tax Department is after us. We have clarified everything. Their endeavor would make alarm among the financial specialists.'' However, sources said just Chemmanur gathering is occupied with gathering stores, which is unique in relation to gold buy plans of different diamond setters. Sources said examination concerning the gathering's records had uncovered that crisp stream of stores was utilized to meet the installment risk towards prior financial specialists. "The stores are being circled in a cash chain model. One individual's store is utilized to pay someone else,'' sources said. Sources said an argument against the organization was pending in Mumbai. In 2012, the monetary wrongdoing branch wing of Mumbai police enlisted a body of evidence against Boby and others on charges of tolerating venture with no permit. The case was stopped according to Sections 420 and 34 of IPC with Sections 3 and 4 of the Price Cheat and Money Circulation Banning Act. A couple of months back, Kerala Opposition pioneer V S Achuthanandan had claimed that Chemmanur bunch had gathered crores from speculators infringing upon SEBI and RBI standards. He had claimed that a budgetary misrepresentation of Rs 2,000 crore had occurred in the organization and the legislature had neglected to make a move against the firm.
Boby Chemmanur blamed by lady for sexually manhandling her.
Boby Chemmanur, the administrator of the Kerala-based Chemmanur International Jewelers that as of late opened its first showroom in Houston, Texas, has been purportedly gotten in a sting video in which he supposedly confesses to being a womanizer who does philanthropy as a façade for his unlawful exercises.
The asserted sting video discharged by a YouTube channel Yesnews Live which can be seen toward the end of this post, says it was taken by one of Boby's representatives, with whom he had sexual relations. The video says in a depiction that it uncovers the darker side of Boby Chemmanur, who has throughout the years been perceived as a prominent humanitarian and business visionary.