What is Goodwin Scam?

Rome was not built in a Day, but we tried building wealth in a year with 16% interest in a moderate growing economy. Well, to err is Human! However, this gives no right to other person to loot our hard earned money and make our life miserable.

We make mistakes, learn from it and move forward in life, in the instance of Goodwin Jewellers Scam, Goodwin brothers designed collective investment schemes to loot hard earned money of citizens of Maharashtra and other states and partially succeeded in doing same, but it is a saying that “no crime is perfect”.

Investors across Maharashtra have deposited money with Goodwin in a ponzi scheme and now the question is how to get the investors money refunded?

All investors are coming under one banner and persuading the law enforcement agencies to work efficiently and unearth all the assets of the Goodwin brothers and to get our money refunded from disposing off the assets of the brothers. Goodwin Investors Association approached Honorable Supreme Court and prayed for transfer of investigation to central investigation agency, and the Honorable Supreme Court directed the investors to approach High Court.

Now the High Court & NCLT proceeding is being closely monitored by the association and subsequently a plan of action has been charted out to deal with the situation.

About Association (GIAOP)

SELF HELP IS THE BEST HELP

There are enough proofs to establish that the Goodwin Brothers had for sure pre-planned the scam, which has derailed the lives of thousands of unassuming victims. There are many symptoms that point to that conclusion. One fine day after the Goodwin Brothers pulled the shutter of all their showrooms, we the victims were left with no option but to fight it out legally until we recover our hard earned money.

Most of the victims come from middle class and lower middle class brackets. A good percentage are Senor Citizens who trusted them with their 'Life's Savings'. None of us can fight a legal battle alone, considering the prohibiting costs of the long drawn litigation. We, the 'Victims of the Goodwin Scam' realizing the fact that, recovering their hard earned money from the absconding Goodwin Brothers is going to be a time consuming process like in every other financial fraud cases, have got together & formed an Association of Persons, in the style of "GOODWIN INVESTORS’ ASSOCIATION" (GI-AOP Regd 839/2019) with the sole intention to do 'all that is possible' to fast track the otherwise sloppy processes.

Subsequent to formal registration, Income Tax Department has allocated PAN No.AAFAG8551J

The scene starts when numerous Investors in Mumbai and Pune were cheated by Goodwin jewelers in their various gold scheme 5 years back. We formed an Association called GIAOP to fight and retrieve our money from the fraudsters and members united and contributed in large numbers. FIRs were filed in various police stations in Mumbai and Pune and EOWs also took over the investigations. Initially, our Advocate filed a Civil Petition in Supreme Court which was eventually transferred to Mumbai High Court to deal with the case under PMLA,MPID and BUDS Act. In the meantime, Goodwin Brothers, Sunil Kumar and Sudheer Kumar was arrested and sent to Jail on 13.12.19 and they are still languishing in Jail. Thanks to Court for its favorable verdict. We had to engage total 5 Advocates at various stages of court cases including filing Cr Writ Petition and Intervention application against Three Bail Applications in High Court Mumbai. In addition we also filed our case in NCLT to facilitate auction of seized properties of accused and obtain a share out of that which unfortunately entangled in legal process with no positive results. The status of the case in Mumbai High Court is that they have rejected the Bail Plea of both the accused.

It is pertinent to mention here that the fraudsters have option to appeal against the verdict either in HC with fresh grounds or approach Supreme Court with a Special Leave Petition. On both these options nothing is available in the website at this juncture. As per the recent order by HC, all the 9 FIRs in various MPID Courts in Mumbai and Pune have been clubbed. MPID Court Thane will deal with 7 FIRs of Mumbai region and the remaining 2 FIRs by MPID Court Shivajinagar (Wagmare Court). Now, MPID Courts will basically deal with Property valuation after charges are framed by courts and conduct Auctions of already seized properties of accused. The next date of hearing in MPID Court Shivajinagar is on 1st Apr 25 and our Advocate will appear in the Court alongwith reps from GIAOP. The next stage in MPID Court Thane is currently not available in website, probably delay in transfer of documents from other courts.

These are the various crumbling stages in a nutshell we altogether travelled for the last 5 years with handful of manpower support and limited resources depleted by huge professional fees of Advocates.

Needles to say that our TOPMOST PRIORITY is to get back maximum of our invested amount and no stone should be unturned to achieve the results. Whether Goodwin Brothers get Bail or not, that is upto the court to decide but our focus right now will be to fight the case in MPID Courts. We are in a financial crunch and practically a situation like Hand to Mouth. Finance is the need of the hour to move forward and request all Registered members of GIAOP to contribute their share and also extend support wherever possible to undertake tasks alongwith Voluntary contributions. For investors who want to become a member in GIAOP, we were liberal in one time contribution of Rs 2000/- but an additional contribution in the range of Rs 1000/- shall be a welcome gesture at this juncture.

Some updates of court cases are available in GIAOP website and this is in addition to that.

Timeline of activities by GIAOP

Action Plan

Goodwin Investors Association (GIAOP), a registered association consisting only of unsecured investors of Goodwin Jewellers, has a core committee of volunteers who have been instrumental in forming and registering this association and also carrying out multiple initiatives to create more awareness amongst investors and garner support.

As future course of action in the interest of its registered members, the core committee has chalked out a plan to approach the Bombay High Court once the court reopens in January 2020 after the Christmas break and also immediately take up the matter with NCLT in response to the advert published on 20th December 2019 by IRP Pankaj R. Majithia with a goal to raise our concerns on behalf of the investors who have registered themselves as members of the association and be considered as high priority creditors during the Insolvency Resolution Process. Further amendments and updates on this matter will be communicated through this website as and when required.

GIAOP Member's Corner

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