CCS arrests inter-State fraudster accused of ₹2 crore imported gold scam
Hyderabad police have arrested a habitual fraudster accused of swindling ₹2 crore from victims by promising to supply imported gold from Dubai and Sri Lanka. The accused used fake videos and high-return promises to lure victims, leading authorities to invoke organized crime charges.
Why it matters
This case highlights the growing prevalence of financial scams involving digital deception and the use of stringent laws to combat organized economic crime.
The Hyderabad Central Crime Station (CCS) has arrested an alleged inter-State fraudster accused of cheating people of around ₹2 crore by promising to supply imported gold from Dubai and Sri Lanka at below-market prices.
The accused, identified as Kondapuram Laxmikanth Reddy, a native of Mahabubnagar district, was arrested in connection with a case registered on a complaint by a Sanath Nagar resident, who alleged that he was duped of nearly ₹2 crore.
According to the police, Laxmikanth Reddy claimed to have contacts with gold dealers importing gold from Dubai and Sri Lanka to Mumbai. To gain the confidence of prospective victims, he allegedly shared WhatsApp videos showing packaged gold biscuits purportedly ready for shipment and promised high returns in a short period before collecting large sums of money.
Preliminary investigation revealed that several other people were allegedly cheated using the same modus operandi.
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