Kerala Gold Scam: Crime Branch Targets Jewellery Fraud

The Kerala Police’s Crime Branch has taken over the investigation into a massive investment scam orchestrated by Kochi-based Athira Gold and Silks, which allegedly defrauded hundreds of investors through deceptive gold schemes and high-return promises, officials confirmed on August 25, 2025. The Economic Offence Wing (EOW) of the Crime Branch in Ernakulam has begun re-registering cases, signaling a rigorous probe into the financial misconduct that has left many, including retirees and families, reeling from significant losses.

The scam came to light after over 50 cases were initially filed at Ernakulam Central Police Station, with additional complaints lodged at various stations in Ernakulam Rural and Thrissur districts. The EOW has already taken over 15 of these cases, with plans to assume control of the remaining FIRs in the coming days. “The investigation will commence after initial procedures are completed, and the firm’s owners will be questioned again,” a senior EOW officer stated. The proprietors—RJ Antony, RJ Joseph, RJ Johnson, and RJ Joby—were arrested in February 2025 but later secured bail from the Kerala High Court.

Athira Gold and Silks, operating a prominent multi-storey jewellery store at Kerala High Court Junction in Kochi, with branches in coastal areas of Ernakulam and Thrissur, lured investors with promises of up to 12% returns on investments and a gold scheme allowing customers to deposit money for future gold purchases at current market rates. These schemes attracted a wide range of investors, including retirees who entrusted their life savings and families saving for events like weddings. Police estimate that over 500 investors have filed complaints, with more expected as awareness of the scam spreads.

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Victims have expressed outrage, with many taking to platforms like X to share their stories of financial devastation. One user from Kochi posted, “Athira Gold promised secure investments, but now my retirement funds are gone.” The police are investigating the firm’s financial records and promotional materials to determine the extent of the fraud, which some estimate could involve crores of rupees.

As the Crime Branch digs deeper, the case has raised alarms about unregulated investment schemes in Kerala’s jewellery sector. The investigation aims to uncover whether the firm’s operations were deliberately fraudulent or a result of mismanagement, with potential implications for tightening financial oversight in the state.

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