Hyderabad woman duped of Rs 18 lakh and pledged gold; three arrested

A Hyderabad woman allegedly lost both her pledged gold jewellery and Rs 18 lakh after being lured into a fake gold trading investment. Police arrested three persons, including a finance company manager, on charges of conspiracy and cheating.

Hyderabad: A woman from the city who pledged gold to raise funds for an investment was allegedly cheated of both the money and her jewelry, leading to the arrest of three persons.

According to the police, Srilatha Chandrasekhar, a resident of Yousufguda, was persuaded by a man identified as Balakrishna to invest in a gold trading business with the promise of attractive returns. Trusting him, she pledged about 30 tolas of gold ornaments with a gold finance company and obtained a loan of about Rs18 lakh.

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Police said Srilatha then transferred the loan amount to Balakrishna as an investment. “She later discovered that her pledged gold had allegedly been misappropriated without her knowledge,” they said.

The victim lodged a complaint with the Madhuranagar police alleging that Balakrishna had conspired with Sandhya Rani, the manager of the finance company, to fraudulently take possession of her gold ornaments.

Based on investigation and evidence, Balakrishna, his son Nikhil and Sandhya Rani were arrested.