Hyderabad: Conman held for cheating over 150 jewellers, pawn brokers

Hyderabad: A man, who diverted the attention of jewellers and sold them fake gold, was arrested by the SR Nagar police. He is suspected to have cheated several people to the tune of a few crores. The arrested person, B Venkat Reddy (59), from Kabir Nagar, targeted about 18 pawn brokers at various places in […]

Hyderabad: A man, who diverted the attention of jewellers and sold them fake gold, was arrested by the SR Nagar police. He is suspected to have cheated several people to the tune of a few crores.

The arrested person, B Venkat Reddy (59), from Kabir Nagar, targeted about 18 pawn brokers at various places in SR Nagar using silver rings coated in gold. Preliminary investigation indicated that Reddy could have cheated over 150 jewellers and pawn brokers.He would approach the jewellers seeking money and mortgage the duplicate gold with them. Police said the pawn brokers, who did not check the quality of the metal properly ended up handing over cash to Venkat Reddy. The cheating came to light recently, when one of the jewellers tried to dispose of the gold ornament as Reddy did not return to take back the mortgaged ring.

Following a complaint, the SR Nagar police booked a case and caught Venkat Reddy, when he came to a shop to mortgage a ring.

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