Hyderabad, 22 June
Man Allegedly Escapes with Gold Worth ₹20 Crore, Four Jewellers Duped
In a major case of alleged jewellery fraud, a man identified as Nitin is accused of cheating four jewellery showroom owners and escaping with gold ornaments worth nearly ₹20 crore in Hyderabad.
According to preliminary information, the suspect reportedly gained the confidence of jewellery traders by claiming to have strong business ties with leading jewellery showrooms and promising profitable transactions. Using these assurances, he allegedly collected more than 13 kilograms of gold ornaments from multiple jewellers over a period of time.
Four Jewellery Businesses Reportedly Duped
The jewellery establishments that allegedly fell victim to the fraud include:
- Navya Jewellers
- Siddhi Vinayak Jewellers
- Bansilal Jewellers
- Shyam Baba Jewellers
The traders reportedly handed over large quantities of gold ornaments based on the trust developed through previous interactions and business commitments made by the accused.
Victims Approach Hyderabad CCS Police
The matter came to light after Nitin allegedly became unreachable and failed to either return the jewellery or make the promised payments.
Following repeated unsuccessful attempts to contact him, the showroom owners approached the Hyderabad Central Crime Station (CCS) and lodged formal complaints.
Based on the complaints received, police have registered a case and initiated an investigation into the alleged fraud. – Man Allegedly Escapes with Gold Worth ₹20 Crore, Four Jewellers Duped
Police Investigation Underway
Investigators are currently working to trace the suspect and recover the missing gold ornaments. Officials are also examining the circumstances under which the jewellery was handed over and whether any accomplices may have been involved in the operation.
Police are expected to analyze financial transactions, communication records, and business dealings linked to the case as part of the ongoing investigation.
Authorities Urge Business Caution
The incident has raised concerns within Hyderabad’s jewellery trading community, highlighting the importance of thorough verification and documentation before entering into high-value transactions.Man Allegedly Escapes with Gold Worth ₹20 Crore, Four Jewellers Duped
Further details are expected to emerge as the investigation progresses.