Hundreds throng police commissionerate to complain against Mambalam jeweller

The suspect, Syed Hifzur Rahman Biyabani, who runs a jewellery shop on Easwaran koil street in West Mambalam was offering interest-free loans on jewellery for the last 10 years and the scheme became popular through word of mouth. One of the victims told DT Next that Biyabani has over 15,000 clients and only collects Rs 100 once in three months. “He gave me Rs 10,000 for pledging one sovereign,” said one of the complainants. 

The scam came to light when he delayed returning the jewellery to those who had repaid their loans six months ago. The customers visited his shop on Thursday to find it sealed with a ‘high court notice’ stamped on it. Investigation, however, revealed that the notice was fake. Sources in the police said that they would register a case and launch a hunt for him.