Police arrest mastermind behind gold trading fraud in Hyderabad
The accused, Rajesh, defrauded nearly 500 people of up to Rs 1 crore, with each investing around Rs 5 lakh, believing it would double in five months.
- Crime
NewsTAP Bureau- Updated On:23 Jun 2024 6:19 PM IST
HYDERABAD: The Hyderabad City Police arrested the mastermind behind a fraudulent gold trading scheme in Hyderabad on Sunday.
The accused, Rajesh, who opened an office in Habsiguda, Hyderabad, and defrauded nearly 500 people of up to Rs 1 crore. Each victim invested approximately Rs 5 lakh, believing their investment would double in five months.
Initially, Rajesh paid profits for the first two months, convincing the investors of the scheme's legitimacy. Encouraged by these returns, many victims invested larger sums. However, Rajesh absconded with the investment money soon after.
After being on the run for the past two months, Rajesh was arrested by the Central Crime Station (CCS) police on Sunday. Authorities are now investigating the case further to recover the defrauded funds.
