Thane: Goodwin Jewellery owners and whole-time directors AM Sunilkumar Akrakaran and AM Sudheerkumar Akrakaran, who are brothers, were produced before district judge PP Jadhav who remanded them in the custody of the Economic Offences Wing till December 24.
The duo had become helpless after their accounts were frozen and properties sealed. They had no option but surrender, said an official. During interrogation, both said they intended to repay the money to all customers.
Senior police inspector Suresh Jadhav from EOW Thane said, "We have frozen their mutual funds, bank accounts, LIC and shares and properties attached, that include a bungalow, land, farm house and showroom in Kerala. The total value of their entire property is around Rs 100 crore, while the Dombivli property's value is around Rs 5 crore."
"We will send their property report to a registrar to determine the exact market valuation. Then, we will take appropriate details of their property from the revenue department. We will send the final report of their property valuation to the Collector. The Collector will give the direction to auction it. Hence, investors will get their money back after the auction of properties. The entire legal procedure will take around one-and-a-half year's time," Jadhav added.
