Sanathnagar Businessman Cheated of Rs 2.46 Crore in Fake Gold Deal

A businessman residing in the Sanathnagar locality of Hyderabad has been cheated of Rs 2.46 crore by an individual who promised to supply 3 kilograms of 24-carat gold at a heavily discounted price. The victim, Rakesh Balaram Goud, subsequently lodged a formal complaint with the Hyderabad Central Crime Station (CCS) police, who have launched an official investigation into the fraud.

According to the complaint, Goud had recently returned to India after working in Canada. He was residing in Sanathnagar and actively planning to establish a new business in the city when he first came into contact with the suspect. The accused allegedly lured Goud into the fraudulent deal by offering to supply him with 3 kilograms of 24-carat gold at a rate lower than the prevailing market price.

Trusting the offer, Goud agreed to the transaction. The suspect then collected nearly Rs 2 crore from Goud in multiple installments over a period of time. After receiving this substantial sum, the suspect allegedly made a new claim, telling Goud that he had been arrested while traveling abroad and required additional funds to secure his release. Believing the suspect's story, Goud paid an additional Rs 46 lakh.

After collecting the total sum of Rs 2.46 crore, the suspect reportedly stopped answering Goud's phone calls and cut off all communication. When Goud eventually managed to contact him and demanded the return of his money, the suspect and his associates allegedly threatened to kill Goud's family if he approached the police.

In his complaint to the authorities, Goud also stated that the suspect has been involved in similar cheating and fraudulent cases in the past. The CCS police are currently investigating the case to apprehend the suspect and his associates.