Hyderabad: The SR Nagar police has registered a first information report (FIR) against a conman named B Venkat Reddy (59) for distracting jewelers and selling them fake gold to receive a mortgage against it.
The case came to light after a businessman, Ganesh Chaudhary, tried to sell away Reddy’s gold ring after he failed to pay back the mortgage against it. “A case has been booked against Reddy by Chaudhary and investigation is being carried out,” said Sr Nagar, Station House Officer (SHO), K. Saidulu, speaking to Siasat.com.
Initial investigation revealed that Reddy may have cheated 150 jewelers and mortgagees, into lending him money against fake gold. He sold gold plated silver rings to around 18 jewelers and brokers in the area.
Police informed that the buyers and mortgagees did not properly check the quality of metal and lended Reddy the cash.