Three arrested in Yousufguda for cheating woman of Rs 18 lakh and 30 tolas of gold

Three people have been arrested by the Madhuranagar police after a woman residing in Yousufguda, Hyderabad, was allegedly cheated of Rs 18 lakh and approximately 30 tolas of gold ornaments. The fraud took place under the guise of an investment scheme, leading to charges of conspiracy and cheating against the accused.

The victim, Srilatha Chandrasekhar, was reportedly approached by a man identified as Balakrishna. According to police officials, Balakrishna convinced Chandrasekhar to invest in a gold trading business, promising her highly attractive returns on her investment.

Trusting his assurances, Chandrasekhar sought to raise the capital required for the venture. She visited a gold finance company and pledged approximately 30 tolas of her gold ornaments to secure a loan. The finance company approved and disbursed a loan of about Rs 18 lakh against her pledged jewellery.

Upon receiving the funds, Chandrasekhar transferred the entire loan amount of Rs 18 lakh to Balakrishna as her investment in the promised gold trading business.

However, she later discovered that she had been deceived. According to the police, Chandrasekhar found out that her pledged gold ornaments had allegedly been misappropriated from the gold finance company without her knowledge or authorization.

Realising she had lost both her money and her jewellery, Chandrasekhar lodged a formal complaint with the Madhuranagar police. In her complaint, she accused Balakrishna of conspiring with Sandhya Rani, the manager of the gold finance company, to fraudulently take possession of her pledged gold ornaments.

Following an investigation and the gathering of relevant evidence, the police arrested Balakrishna, his son Nikhil, and the finance company manager, Sandhya Rani. All three individuals have been taken into custody in connection with the cheating and conspiracy case.