Hyderabad: A 50-year-old man has been arrested by the Afzalgunj police for allegedly duping a real estate businessman in a fake gold deal.
The accused has been identified as Jaya Kumar, a resident of Manvi in Karnataka’s Raichur district.
According to police, the accused, along with two other absconding associates, lured victims by offering “original gold” at half price.
The complainant, Munukuntla Niranjan, a real estate businessman from Choutuppal, was contacted in March by a man identifying himself as ‘Reddy’, who claimed he could arrange gold at a throwaway rate over a series of phone calls and meetings at Pedda Amberpet. Niranjan and his associate Dharmender struck a deal.
On May 12, as per Reddy’s instructions, the accused reached Dilsukhnagar with Rs 65 lakh in cash. They were further directed to Putlibowli X Road in Afzalgunj, where they handed over the cash to a man named Raghu near an Irani tea stall.
In return, they were given a bag supposedly containing gold. The accused then fled on bikes without number plates moments after the exchange. Upon checking the bag, the victims were shocked to find sarees and stones instead of gold.
With no immediate leads, a special police team was constituted under the guidance of senior officers. Through technical surveillance, CCTV analysis, and field-level inquiries, the accused was identified.
On June 22, police apprehended Jaya Kumar and seized Rs 40 lakh in cash along with a Hyundai Creta used in the crime.
A case has been registered, and efforts are being made to trace the remaining accused.
Further investigation is ongoing.
