After the transactions, Vishal delayed delivering the promised gold, the CCS police said.
Hyderabad:Taking advantage of rising gold prices, a jewellery merchant allegedly duped a customer of Rs 95 lakh under the guise of investment. The Hyderabad detective department has registered a cheating case against Vishal, who runs a gold shop at Charkaman, Charminar.
According to the police, Mohammed Sadiq Ali, 54, a resident of Tolichowki, filed a complaint stating that he had been purchasing small quantities of gold for personal use from Vishal for five years.
On April 22, Vishal proposed an investment opportunity, citing an upward trend in gold prices. He introduced Sadiq to the owner of BMR Jewellers, claiming they dealt in bulk gold sales. The complainant agreed to invest and was given two bank account numbers — one of a jeweller and the other of a company — for transferring the funds.
Following Vishal’s instructions, Sadiq transferred Rs 66 lakh to the jeweller on April 23 and 24 via RTGS and another Rs 29 lakh to the company on April 25. After the transactions, Vishal delayed delivering the promised gold, the CCS police said.
Vishal later assured Sadiq that he would take him to the jeweller to collect the gold but began avoiding calls. When Sadiq visited the jeweller, he was told the gold had been delivered to Vishal the day after payment.
Attempts to locate Vishal failed, as his shop remained closed. When the complainant contacted the jeweller again, they denied any connection with the company. A visit to the Chandrayangutta branch of the bank revealed that the address linked to the company was a residential property. Based on the complaint, the CCS registered a case against Vishal and others for cheating and breach of trust.
