Zaheerabad police busted massive gold, silver investment scheme
Zaheerabad police busted an alleged gold and silver investment fraud involving a Hyderabad-based company accused of cheating 22 persons of Rs 19 crore. Four persons were arrested and sent to remand, while victims claimed over 100 people were affected
Sangareddy: The Zaheerabad police busted a massive gold and silver investment scheme. The Hyderabad-based investment company had allegedly cheated some 22 persons from Zaheerabad town to the tune of Rs 19 crore. However, the victims alleged that there were over 100 victims in and around Zaheerabad alone.
The police arrested Sashivardhan Reddy, Ravindar Babu, Jagadish and Sushmitha. The accused have been sent to remand after they were produced before a court in Zaheerabad. According to victims, the accused accepted the investments between June and December 2026.
The accused reportedly offered Rs three lakhs in additional returns on Rs 10 lakh investments in a single day. Misleading investors by claiming that they had a trade relationship with a well-known jewellery giant, the accused accepted huge investments.
When they refused to respond to calls, the victims realised that they had been cheated. When they threatened to approach the police, the accused reportedly threatened them with serious consequences. However, finally, the victims approached the police as they failed to get anything in return. The probe was on.