Two more arrested in ₹63-lakh gold fraud case
City police have arrested six individuals in connection with a gold fraud case involving a wholesale dealer. The suspects allegedly swindled ₹63 lakh by promising gold at below-market rates before disappearing.
Why it matters
This highlights the prevalence of financial scams targeting small business owners and the effectiveness of police recovery efforts in high-value fraud cases.
The city police arrested two more persons in connection with cheating a wholesale gold dealer of ₹63 lakh. The police recovered ₹44.5 lakh in cash allegedly swindled from the victim.
According to the police, the complainant, Anmol Jain, 24, of Aminjikarai, runs a wholesale gold jewellery business with his relative, Namith. On July 17, Namith informed him that two men had offered to sell gold at a price below the prevailing market rate and asked him to bring ₹63 lakh in cash for the transaction.
Anmol met the suspects near Arumbakkam metro station before they took him to a commercial complex, claiming the gold was available there. Shortly afterwards, four more persons arrived on two motorcycles.
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