The Hyderabad Cyber Crime Police have arrested a 32-year-old resident of Saroornagar for allegedly defrauding people by falsely offering gold at lower rates.
The accused, Jale Chandra Shekhar Reddy, was involved in at least one case in Hyderabad, where he cheated a 75-year-old man of ₹5 lakh under the pretext of selling gold at a discounted price.
The victim, a resident of Koti, received a WhatsApp call in December 2024 from the fraudster, who claimed he was traveling from Mumbai to Hyderabad with an opportunity to buy gold at ₹50,000 for 10 gm, significantly lower than the market price of ₹80,000.
To gain the victim’s trust, the accused mentioned names of people known to him and urged him to keep the transaction confidential. “Convinced by the fraudster’s assurances, the victim ordered six tolas of gold and transferred ₹5 lakh to different bank accounts. The accused then delayed delivery, citing Christmas and other excuses, and later stopped responding to calls. Realising he had been duped, the victim lodged a complaint,” said the police.
Investigations revealed that the accused had a history of addiction to online betting and alcohol and devised this scheme to fund his habits. He would lure victims through WhatsApp calls, pretending to be a gold dealer purchasing at low rates in Mumbai and reselling at minimal profit. Once he received the money, he would cut off all communication.
The police seized a mobile phone and a savings account passbook used in the crime. Officials have advised the public to be cautious of unsolicited offers of gold or investments, particularly those creating urgency and requesting confidential transactions. Victims of cyber fraud are urged to seek help by dialling 1930 or visiting cybercrime.gov.in.
Published – March 02, 2025 08:46 pm IST
