Hyderabad: Jewellery Trader, Family Booked For ₹20.59 Crore Fraud

Hyderabad: Hyderabad Central Crime Station (CCS) registered a criminal case against a jewellery businessman, his family members and staff for allegedly cheating four traders of gold ornaments worth ₹20.59 crore.

According to the FIR, the Hyderabad-based complainants said they had been supplying ornaments to the accused, who operated establishments in Somajiguda. The arrangement began in 2024 when he projected himself as a reputed jeweller with links to leading chains.

Initially, the businessman honoured commitments by making RTGS payments and adjusting equivalent quantities of gold, which helped him gain the suppliers’ confidence.

Between April 2025 and the first week of June 2026, the traders collectively entrusted 13.649 kg of ornaments valued at ₹20.59 crore. The accused acknowledged receipt and issued cheques as security.

However, despite repeated demands, he allegedly failed to return the ornaments or pay their value, and instead misappropriated the gold. The complainants said inquiries revealed several of his business claims were false. They alleged he absconded from Hyderabad with family members after switching off mobile phones.

Family members and staff were also named in the case on allegations of conspiracy. Based on the complaint, CCS police registered a case under BNS Sections 316(5) and 61(2).