Gold Investment Turns Into Gold Rush At Jewelry Store
What do you do when a store doesn't return your investment?
Two years ago Paravarna and Amar Besa bought some gold from Aabhushan Jewelers, for their mother-in-law. Aabhushan Jewelers is located in Edison, New Jersey. They paid over $2,000 for three bars of 24-karat gold, paying then current gold prices.
At the time, the store had a "Flexi-Plan" that allowed customers to buy gold and then the store would hold it for them until they wanted it. So that's what many customers were doing. In early 2009, their mother-in-law went to Aabhushan to collect her gold, but each time she went there she was told there was some kind of hold-up and she would have to come back in a few weeks.
This went on for several months until finally she complained to her son-in-law Amar.
Then this past June, the owner of Aabhushan Jewelers was found mysteriously dead in the back of the store. For a period of time the store was closed and many customers, including the Besas, backed off and waited out of respect for the family to mourn, figuring they would eventually re-open for business.
Sadly, now nearly two months after the owner's death, Aabhushan is still not honoring customer's requests to access their gold.
After several months of these delays and run-arounds, Amar finally called "Help Me Howard". Howard paid a visit to Aabhushan last week and was promptly kicked out of the store without any kind of explanations or answers. Outside he encountered other frustrated customers and a local police officer who said he had been called to the establishement several times already.
Further research finds that "The Better Business Bureau" has given Aabhushan Jewelers an "F" rating for their failure to respond to or deal with 44 customer complaints within the last 36 months.
So what should you do to avoid this type of situation? Take your gold with you! If you ever buy gold from a small jeweler or coin dealer, take the gold with you. Don't depend on a certificate or receipt to keep your gold safe, if for some reason that business falls on hard times, you are out of luck. Never accept a store's offer to "hold" or "store" your gold for you. Store your valuables in a safe at home or better yet, keep it in your own safe deposit box in a bank. No place is perfectly safe. According to news reports, Aabhushan Jewelers has suffered one break-in and one robbery in just the last six months alone. So take control of your valuables and store them where you have control and access to them.
And if you are an Aabhushan customer, who cannot access their gold, the best thing to do is file a complaint with the New Jersey Division of Consumer Affairs at www.nj.gov or call 973-504-6200 or 1-800-242-5486.
Comments: 50
Hello,
I along with at least 100 people (that I know of) that I know are also a victom of this business. What is the solution to this situation now?
Thanks.
The way aabhushan is treating customers is not acceptable. If family is trying to avoid payments then they should be held accountable before someone else starts similar scam.
I have three bars (amount of $2702),They are selling new items but not ready to deliver our bars
They have this person named Vinod Sharma who is acting as their frontline support and threatening people who talk to them sanely.Son's name is Sahil.
Let the common man rally and ensure we get justice from these leeches sucking our hard-earned money.
DOWN DOWN AABHUSHAN !!!!!!!!!
I purchsed 8 bars from this shop and I am going through same pain for calling them but no use.
I have 2 bars with them. Paid roughly $1600 or so last year. I went to them in March to collect the bars, and since then paid a dozen visits, and no positive outcome.
I purchased 3 bars and going thru same pain.
Some one pls help us.
I purchased 5 bars in the last 6-8 months and have yet to recieve any of them back. These people need to be taken to task.
What you can do is - got to Superior Court - the Small Claims court on 56 Paterson Street, New Brunswick, NJ and file your claim against the Jewellers.
It is a two page application, with the filing fee of $33. The court will then sent the summons to the Aabhushan Jewellers and you will get a court date for hearing of your case.
YOU DON'T NEED AN ATTORNEY FOR THIS.
I purchased 10 bars and havent been able to sleep over the last 6 monthes.
I purchased 10 bars and havent been able to sleep over the last 6 monthes.
I purchased 10 bars and havent been able to sleep over the last 6 monthes.
Have any one successful in getting their gold bars after filing complaint at the superior court.
Have any one successful in getting their gold bars after filing complaint at the superior court.
I have purchased 15 gold bars and 100 ounces of silver in october. I have booked to pick them up in April. I was asked to come in couple of weeks everytime I asked for the pickup. Now they have filed chapter 11 on 09/14. I am not sure what is going to happen now. We are asked to wait till we hear from the court. Though I feel sorry for Sushil's family for thier loss, I am scared that I am not sure when I am going to get my money back.
I have Files complaint yesterday against Abhushan Jewelers in NJ department of affairs. I am not sure that I will get any money back for my two bars that is still with them. But this is sure that he successfully ran scam for quite some time and have not delivered the coins. It is our failure to identify these thieves in time. Suprisely, these people are still open and not sure if people are still making fool of them selves.
ns
I purchased 5 bars all most all a year ago and have yet to receive any of them back.
I have booked to pick them up in March. I was asked to come in couple of weeks every time I asked for the pickup.
At first they said, ships are delaying to deliver the Swiss bars and then said we will post you in 2 weeks and then they said insurance must be holding we already posted. Each time they were saying different story. I am still following up with patience. I can not understand how long they continue with their business being so relaxed by cheating customers. I too realized they have filed chapter 11 on 09/14 and asked to wait till we hear from the court that is mid of October. I am so worried when to get my money back.
I purchased 5 bars all most all a year ago and have yet to receive any of them back.
I have booked to pick them up in March. I was asked to come in couple of weeks every time I asked for the pickup.
At first they said, ships are delaying to deliver the Swiss bars and then said we will post you in 2 weeks and then they said insurance must be holding we already posted. Each time they were saying different story. I am still following up with patience. I can not understand how long they can continue with their business being so relaxed by cheating customers. I too realized they have filed chapter 11 on 09/14 and asked to wait till we hear from the court that is mid of October. I am so worried when to get my money back.
Just forget the gold bars. They are cheaters. It is scandal. We should educate other people so that these type scandals should not happen again in Iselin NJ.
I also purchased 5 bars from these buggers. Not sure what's going to happen now.
I receved a court notice regarding bankruptcy and asking me to submit the proof of purchase. I know these things take for ever in court..GOD knows what's going to happen. I hope atleast we should get our PAID money back..forget about BARS/Extra amount.
Also..I see on the notice the first meeting is scheduled for 15th October..anyone aware of this?
Today I received a letter . That says these buggers are going to file chapter 7(previously chapter 11)
These buggers should should not die. They should suffer from AIDS
Hi , My name is Preethi , Me and my brother purchase 5 bars and have been waiting for Aabhushan to give them . After all this happened I am hearing that some of the customers received a court notice . We have'nt recieved any court form or notice . WHat should we do , where can we get that form and what should we do with that form? and why? Thanks for your answers
Hi ,my name is Preethi ,me and my brother bought 5 bars and are in the same situation as all the customers are . I see some of you talking about some court forms they received asking for proof of purchase , we did not receive any form as such . WHere do we get those forms and what should we do ? WIll be glad if someone can answer us . Let hope for the best.
Preethi.
Hi, my name is usha
I received a court notice regarding bankruptcy and asking me to submit the proof of purchase i don't know what to do pls let me know
Preeti,
Call the Court (7323826748) and tell that you didn't receive the court notice. Refer to Abhushan Exp bankruptcy case. Case no-09-34135-KCF. You should get a court notice unless you moved/change your address.
Usha,
You need to fill the form they had sent and submit a copy of your proof along with it. (Receipt/checkimage/bank statement..etc).
Guys, if anyone know more details please help everyone.
Good luck everyone.
I too recieved letter from court, will send it this week. I purchased 3 coins in so called "Flexi-Plan". It was very attractive but got well punished for being greedy :-)
I lost hopes now, I am trying to convey myself by thinking as if I was without job for a month and lost a month salary....
Good Luck everyone.
Even I received a court notice..I think we need to keep posted the updates and follow the procedures together. The form is very misleading, can any one of you please upload the form once you have filled it.
Lets hope everyone atleast gets their money back. Good luck.
Hi,
Hope most of you submitted B10 Form.
Can you guide us to fill this form.
Thanks
Hope all of these scammers get punished. If we let them get away, then anyone involved in this, will be even bolder and scam more people forever.
We should and will get the FBI involved. For all the pain that Sushil and Aabhushan has caused thousands (from the google group thread that is going on) already. How can they even sleep.
If justice does not get them, I will bet god will. God has strange ways and does not put up with such scam!!!
I did not receive the court notice. We paid $20,000 towards the flexi plan. We paid in 3 installments towards the flexi plan. I have all the receipts. We live in Pennsylvania. We did not know anything about Aabhushan scam. Yesterday my husband said, he is unable to get hold of them over the phone, I did the google search, and that is how I found about their scam. I am devastated for losing all that money.
any help to get the principal back will be appreciated. I dont even want the interest just my principal $20,000.
Here is the link for B10 form:
www.njb.uscourts.gov
mail the filled B10 form before Feb 11, 2010 to:
U S Bankruptcy Court
402 East State St
Trenton, NJ - 08608
I recently got a court notice that contains Form 157 (which means, if creditors have any objections, if Aabushan sells their car). I think they are slowly selling one by one by sending this kind of information. If we have objections we can go to court. We leave 6 hours far from NJ court. If NJ residing people can go for these kind of hearing, that would be appreciable.
I also noticed in one of the websites that Chapter 7 meaning they do not have to pay back to creditors. Please look at the below link for information. I am worried when I came to know that. But I still have hopes as I am a human being. Anyone has nay idea. I am happy to hear this may not be true.
http://wiki.answers.com/Q/Do_you_have_to_pay_back_creditors_after_you_file_bankruptcy
Looks like we do not need to loose hopes on getting our money back. I called the attorney today, they are saying, we will know by end of the year and not all the cases are same and what had written in internet is not true always.
For those who needs additional information can call Andrea (attorney) at 609-392-2100. Those who did not even got chance to claim or if you did not receive any kind of letters from court, can also contact that number to help yourself.
You can also subscribe by sending email to the below email_id, to get the continuous updates.
jewelrytrustee@sternslaw.com
Lets hope everyone gets their money back.
Any one have any other updates?
It sensing me while looking through all these procedures that Aabhushan will not cheat us and will pay back our money.
I got this confidence while talking to Aabhushan lawyer. Right now Aabhshan has its own struggles and Aabhusagan people could soon take a positive decision to pay our money back.
This can lighten so many hearts. So, just like to share good news.
Thanks for the updates posted!
I would like to know if there are any more updates on this issue.. I do get the notices every month but I am still not sure if I will be getting my money back.
It would be gr8 if anybody who gets a recent update on what is happening with the money we invested keep us posted..
Thanks for the help!
Good news.. a very great day for me.
Today, I saw Abhushan Jwellers shop on Oaktree road, Edison open. I eneterd the store to find out that same owner have not purchased the shop in auction. After requesting and then debating and then hot conversation. I GOT those 1 out of 2 Coins. Today.
I had booked and paid in Oct 2008 for these coins.
I am really happy, you guys can also try getting some part of it.
hope it helps you. Good Luck.
Thanks,
mukesh kumar
I BOUGHT 6 GOLD COINS IN OCT 2008 . WHENEVER I AM CALLING THEM EVERY ONE IS SAYING YOU WILL GET THE COURT NOTICE AND ALL THE INFORMATION WILL BE THERE IN THAT. NOW-A-DAYS I AM NOT GETTING ANY COURT NOTICES . PLEASE SOME ONE LET ME KNOW WHAT WAS THE PRESENT SITUATION? THANKS IN ADVANCE.
Hi mukesh
Really gave us a good news ....let me try my luck . I have 13 coins with them. we get even one I will be happy. I shall try my luck and see......I cross my fingers......
Thanks sabitha
Hello,
I am also one of the victims invested $1326.50 in Feb./2008 , trying to get the silver coins.
I visited the shop two days ago and the owner Rachana not responding properly and calling the cops and chasing us out.
After some arguments , we got the attorney Andrew dobin's Phone#609-989-5053 to file complaints.
I was worrying whether the attorney is genuine person to get the money back.
Please try to help me in this matter.
please send the details where to file the complaints
Thanks
Maheshwari
That's really good news Mukesh. How did you do your conversation with those cheaters, would you be please able to give some information, because Maheshwari also tried, but so sad, she couldn't get her coins instead got ill-treated by Rachana
Maheshwari,
Call Andrea (attorney) at 609-392-2100. Or send an email to jewelrytrustee@sternslaw.com to get the information on how to file the complaint. I have done very long back, we never know if the procedure changed. You can always get the latest information when you call or email.
they should sue the Aabhushan. the clear motive of that jewelry store seems to gulp the customers property.
Does anyone know the status of the case? Haven't received any letter from court in recent times. Till how long this case will remain open? Did anyone receive money from the court?
Hi,
Did anybody get money back? I heard that Aabhushan again opened, Even I got an email from this store as adverstisement for their products.
Somebody mentioned above, that he got coins back from this newly opened store, is that true? or just to put pressure on store people did he mentioned like that...
can anybody send recent information to my email rajum_g@yahoo.com
Any updates guys? I bought 3 bars but my friend booked it for me. So bill is on his name, I do not get any updates/ mails from court.
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