Hyderabad: Businessman cheated of Rs 2.46 crore in fake gold deal

A Hyderabad businessman lodged a complaint alleging he was cheated of ₹2.46 crore in a fake 24-carat gold deal. The accused allegedly collected money in instalments and later threatened the victim. CCS police are investigating the fraud case.

Hyderabad: A businessman from the city has lodged a complaint with the Hyderabad Central Crime Station officials alleging that he was cheated to the tune of Rs 2.46 crore by a man who promised to supply 24-carat gold at a discounted price.

According to the complaint, Rakesh Balaram Goud, who returned to India after working in Canada and now resides in Sanathnagar, was planning to start a business when he came into contact with the suspect.

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The latter allegedly offered to supply 3 kg of gold at a lower price and collected nearly Rs 2 crore from the victim in installments. The suspect later claimed that he had been arrested abroad and required additional funds, allegedly collecting another Rs 46 lakh.

After receiving the money, he reportedly stopped responding to the victim’s calls. When Rakesh demanded his money back, the suspect and his associates allegedly threatened to kill his family if he approached the police.

The complainant also alleged that the accused has been involved in similar cheating cases in the past. The CCS police are investigating.