Hyderabad jeweller cheats investors to the tune of lakhs, absconding

Suspect Nitesh Kumar Jain runs 'Chetan Jewellers' in Pragathi Nagar

Hyderabad: A gold jeweller allegedly cheated investors to the tune of several lakhs and went absconding with the gold jewellery at Pragathi Nagar in Bachupally on Thursday.

The suspect Nitesh Kumar Jain who runs ‘Chetan Jewellers’ conducted various monthly gold schemes, in which several local residents had invested.

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As per available information, Nitesh Kumar who was into wholesale gold jewellery manufacturing business had also taken huge loans from other gold traders.

Unable to repay them and clear the debts, Nitesh allegedly closed the shop and went absconding with the gold jewellery worth several lakhs. His mobile phone too was switched off.

The victims approached the Bachupally police, who booked a case and took up investigation.