Four persons arrested for cheating gold trader of ₹63 lakh in Chennai
Egmore police have arrested four individuals for allegedly defrauding a gold trader of ₹63 lakh through a fake bulk-discount scheme. The prime suspect remains at large, and a special police team has been formed to track him down.
Why it matters
This incident underscores the risks in high-value informal trade and the ongoing efforts by law enforcement to curb financial fraud.
The Egmore police arrested four persons for allegedly cheating a wholesale gold trader of ₹63 lakh by luring him with an offer to supply gold at a discounted price.
Police sources said the complainant, Anmol Jain of Aminjikarai, runs a wholesale gold jewellery business along with his relative, Namith.
His relative told Anmol on July 17 that a person was willing to sell gold at a price lower than the prevailing market rate and advised him to finalise the deal.
The police said Anmol met a man identified as Sriram, who introduced him to Sakthi and Sakthi’s father, Santhakumar. The two allegedly claimed to own a jewellery business at Fountain Plaza and assured him that they could supply gold in bulk at a discounted price.
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