Hyderabad: The Director of a gold trading company from the city has been arrested by the Hyderabad Central Crime Station police for duping jewellers by taking around 7 kg of gold ornaments on the pretext of providing them gold biscuits and new jewellery in return.
The accused was caught in Ahmedabad and was brought to the city on transit warrant on Tuesday.
A case was registered by the CCS police on January 12, this year following a complaint from S. Praveen Jain, a jeweller from the city, that Yogesh Saini, director of Ronak Bullion Pvt Ltd, located in Pot Market in Secunderabad, that the Mr Saini in October 2018, had taken 48 pairs of gold bangles weighing around 1.188 kg worth Rs 38,64,884, promising to repay the money after some days. However, after that Mr Saini went absconding.
“During the investigation, it was found that Mr Saini started the company in 2016. He used to collect old gold ornaments and cash from jewellery shops in Secunderabad, Mahabubnagar, Kalwakurthy and Acchampet areas, on the pretext of providing gold biscuits and new jewellery items. He had collected about 7 kg of gold from different shop owners,” said the CCS police.
Mr Saini, who was also into advertising and market research business in the bullion market had incurred heavy losses and ran away to Ahmedabad in Gujarat.
Acting on credible information, he was zeroed in at Ahmedabad on May 4, said the police....