The Al-Muqtadir Group, a jewellery company that gained rapid popularity in Kerala with promises such as zero labour charges, is now facing allegations of irregularities. The group’s chairman, Muhammad Mansoor Abdul Salam, has publicly denied the claims, but questions persist about the company’s practices and financial dealings.
Suggestions that the group may have swindled depositors and customers of hundreds of crores have prompted protests by some of them. The company, which some claim was formed with support from certain community leaders, allegedly collected large sums as deposits from customers, particularly for wedding-related gold purchases. However, many customers reportedly did not receive their gold on the promised dates, leading to anger and demonstrations.
There have been claims that showrooms in Thiruvananthapuram and Kayamkulam were shut down following customer protests. Social media platforms have also seen a surge in allegations, with some suggesting that the chairman may have fled the country with investors’ money. Mansoor, however, has dismissed these accusations as baseless.
Mansoor has strongly denied any wrongdoing. According to him, the claims of embezzlement and deposit collection are false. He insists that the company only accepts advance orders for gold, with durations ranging from three to eleven months, offering zero labour charges as an incentive. “The suggestion that I have left Kerala is completely false. I am here and fully committed to our business operations,” he stated.
He also announced plans to take legal action against those spreading what he describes as “false propaganda”. Additionally, he highlighted the company’s growth, claiming a 25-fold increase in business over the past year and ambitious plans for the future.
Despite the controversies, the Al-Muqtadir Group appears to be moving forward with expansion plans. The company is reportedly planning to launch large-scale projects in Kerala, including gold malls in Kozhikode and Kasaragod, expected to generate around 3,000 jobs. Plans to expand to Ernakulam, Saudi Arabia, and Qatar have also been announced. The group claims to have projects worth Rs 10,000 crore in the pipeline for Kerala alone.
The All Kerala Gold and Silver Merchants Association (AKGSMA) has remained vocal in its criticism of the Al-Muktadir Group. The association alleges that the company misled customers with advertisements promising zero labour charges and then failed to deliver on its commitments. They claim that many individuals have been drawn into the scheme and are now struggling to recover their investments.
The AKGSMA has also accused the group of operating showrooms under multiple names and failing to deliver the promised gold or refund the money paid to customers who had placed advance orders. Legal action has reportedly been initiated against the group.
The situation remains uncertain, with strong claims and counterclaims from both sides. While the Al-Muqtadir Group insists that it is operating transparently and ethically, the allegations from customers and trade associations paint a different picture. Many are waiting to see how the situation unfolds, as legal proceedings and investigations continue.