Six-time offender held in gold scam by CCS Hyderabad

A man identified as Kondapuram Lakshmikanth Reddy was arrested by CCS Hyderabad for duping victims of crores of rupees by promising imported gold at cheaper rates. Police said he posed as a trader linked to Dubai and Sri Lanka, shared fake videos, and collected Rs 2 crore from one victim.

Hyderabad: The Central Crime Station (CCS), Hyderabad, arrested a man for allegedly cheating innocent people of crores of rupees by promising imported gold at cheaper prices.

The suspect was identified as Kondapuram Laxmikanth Reddy. Police alleged that he was a member of an organised gang.

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According to police, Laxmikanth Reddy allegedly posed as a person having links with gold traders importing gold from Dubai and Sri Lanka to Mumbai. He reportedly shared WhatsApp videos of gold biscuits to gain the confidence of victims and promised huge returns by offering gold at cheaper rates. Using this method, he allegedly collected around Rs. 2 crore from a victim, said S. Chaitanya Kumar, DCP, Detective Department.

Police said the suspect was involved in several similar frauds, and a preliminary investigation revealed that multiple victims had been cheated. He has six previous criminal cases registered against him in Telangana and Andhra Pradesh, including cases related to cheating, criminal breach of trust, intimidation, and financial fraud, the official added.