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Bahrain gold scheme investors to get money back

Manama, November 3, 2010

Angry customers who invested their money in a gold savings scheme have been told they will get their cash back by the end of this month.

Hundreds of people who invested money with Star Mark Jewellery feared they had lost their cash when the shop closed two weeks ago.

However, one of the owners yesterday pledged to return thousands of dinars owed to small investors in a matter of weeks.

'We will pay all our customers within this month,' said Pauly Paul, who launched the business with his partner Padothodi Hussain four years ago.

'I know it has been worrisome for the customers, but we had some financial problems.

'Hopefully we will be back in the market soon and provide our services to customers.'

Customers were offered the chance to invest BD10 per month with the shop, with a view to getting all their money back in gold.

Mostly low-income Asians reportedly invested in the scheme, which also promised valuable prizes.

However, more than 200 people stormed the shop in Gold City, Manama, on October 22 to demand their money back after the business closed.

Customers claimed they were promised refunds and store officials initially said that they had been hit by the financial crisis, but were trying to cope.

Indian Embassy first secretary Ajay Kumar yesterday said there had been progress following a meeting with the owners.

'The meeting was successful and now we will talk to the customers and explain to them the whole situation,' he told our sister newspaper Gulf Daily News (GDN).

'Within seven to eight days, we will reach a decision on what to do next.'-TradeArabia News Service




Tags: Bahrain | investment | Gold Scheme | Star Mark Jewellery |

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