KFJ executives held by EOW for swindling Rs 26 cr deposits

Brothers Sujith Cherian, MD of KFJ, and Sunil Cherian, Director, were arrested more than a month ago after the police received several complaints from those who had invested money in KFJ gold schemes and could not recover their deposit. They are still in jail after bail was denied by the special court under Tamil Nadu Protection of Interest of Depositors. Moreover, fresh complaints still keep pouring in, the EOW prosecutor told the court while objecting the bail application from the suspects. The court was also informed that the police are looking for the other accused.

Many investors who had joined the investment schemes of three-five years found that the firm - which had branches in Chennai - had closed down its operations. KFJ has more than four decades of experience in gold related businesses.