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.
Police in Hyderabad have warned of rising fake gold frauds involving interstate gangs exploiting high gold prices. At least 25 cases have been reported in six months, with victims lured through fake deals and illegal gold offers at discounted rates.
A Medak bank manager, Yadam Anil, pledged fake gold and diverted funds amounting to over Rs. 1.50 crore. While absconding, his wife, friend, and the bank’s gold loan auditor were arrested. Police revealed he had committed similar fraud earlier in Andhra Pradesh.
In early June, they approached Dileep Barfa, a resident of Medipally, and believing them Barfa and his friend Singireddy Suresh went to Bengaluru and met Vijay Kumar and Harish.
Hyderabad: The Vanasthalipuram police on Thursday arrested two persons on charges of selling fake gold as pure gold at a lower rate, and recovered Rs.2 lakh from them. The arrested persons are Ch.Satyanarayana (43), an automobile mechanic and C.Vasu (34), a private employee, friends and residents of Sowbhagya Nagar in LB Nagar. Satyanarayana was earlier […]
The gang members were cheating gullible people offering gold at low prices saying they had found a huge cache of gold while demolishing their old house
