Interstate Fraudster Held in ₹2‑Crore Gold Scam
Preliminary investigation revealed that he defrauded several other individuals using the same method
HYDERABAD: Sleuths of the Central Crime Station (CCS), Hyderabad, arrested a notorious interstate fraudster involved in cheating several people to the tune of ₹2 crore on the pretext of importing gold from Dubai and Sri Lanka at lower rates.
The accused, Kondapuram Laxmikanth Reddy, a member of an organised crime syndicate, lured victims by promising cheap imported gold and defrauded them of crores of rupees. He has been booked under provisions of the Bharatiya Nyay Sanhita for “organised crime” due to his habitual criminal background.
A complaint was received from Rakesh Balaram Goud against Laxmikanth Reddy, and a case was registered in FIR No. 147 of 2026 under Sections 111(2)(b), (3)(4), 318(4), and 351(2) of the BNS, 2023, DCP S. Chaitanya Kumar of CCS said on Wednesday.
Investigating officer SI Gopi Kiran Reddy swiftly probed the case, secured evidence and arrested Laxmikanth Reddy from his native Ayyavaripalli, Koilkonda mandal, Mahabubnagar district. He was produced before the 12th Additional Chief Judicial Magistrate, who remanded him to judicial custody, Chaitanya Kumar said.
The modus operandi of the accused was to misrepresent himself as having strong ties with gold dealers importing cheap gold from Dubai and Sri Lanka to Mumbai. To gain the trust of victims, he shared WhatsApp videos showing packaged gold biscuits ready for shipment. He promised high returns in a short span and fraudulently collected around ₹2 crore from the complainant, police said.
Preliminary investigation revealed that he defrauded several other individuals using the same method. The accused is a habitual offender involved in six previous criminal cases across Telangana and Andhra Pradesh, including kidnapping, criminal breach of trust, financial fraud and intimidation.
Charge sheets have already been filed in most of these cases. Considering his past criminal history, the present case at CCS Hyderabad was treated as “organised crime”. Further investigation is underway.
The public is strictly advised not to fall prey to fraudsters promising gold or high profits at lower‑than‑market rates. Always exercise extreme caution and verify before parting with hard‑earned money.
