Thiruvananthapuram/Kasargod: MC Kamaruddin, Muslim League MLA from Manjeshwaram, who has been in the storm of allegations raised by shareholders of a jewellery chain he promoted , has denied all charges of cheating, and said that the crisis arose for the simple reason that the business failed.
However, he promised that because the business did not do well, he would return all the amount to investors within four months. "There is no cheating involved at all. A few investors have approached the court, while many have not. Those who have gone legal, will be dealt in the same manner," he said.
Kamaruddin's statement came after the Kerala Crime Branch police initiated a probe against him, who is the chairman of the firm involved, Fashion Gold Jewellery. On Tuesday the local police in Chandera, Kasargod conducted a raid at his residence as also that of Managing Director of Fashion Gold, TK Pookoya Thangal. As per reports, documents related to the investments in the firm were seized from his residence.
The action follows complaints by investors that Kamaruddin did not give back either the profits, or the invested amounts, after closure of the units of the jewellery, based in Cheruvathur.
Amidst speculations of a possible political fallout of the allegations, and reports that he was asked by the UDF leadership to step down from the district leadership of the front, Kamaruddin had denied any move by his party or the United Democratic Front (UDF) against him.
"I am the UDF Kasargode district chairman and till date neither my party nor the UDF has asked me to step down from my post," he said.
Kamaruddin won the Manjeshwaram Assembly by-election held last year, following the death of the sitting legislator PB Abdul Razak.