Hyderabad: The Charminar police arrested one Abhishek Jain of Rajasthan for allegedly cheating people.
Abhishek was living in the city for 15 years and trading into gems. He began betting on IPL matches and suffered huge loss in his business due because of that, a Charminar police official said.
To make good the loss he cheated traders, the police said. His plan was to make a large amount of money and escape to his native place.
Police said that from December onwards, Abhishek purchased chakri poliki on credit from several persons including Bhupender of Hyderabad and Suresh, Praveen and Piyush of Gujarat worth about Rs 1.5 crore. Police said he would pay an initial amount to gain their confidence and then kept delaying payments.
Abhishek sold all the material given by the victims, and used the money to purchase various types of gems.
After receiving complaints about his non-payment, police arrested Abhishek and recovered diamonds, rubies, emeralds, pearls and other precious stones worth Rs 60 lakh.
