Gold scam: Hyderabad man finds rocks wrapped in sarees, one arrested in Karnataka

Deputy commissioner of police (East Zone) B Balaswamy said Jaya Kumar, a native of Raichur district, was arrested and has seized Rs 40 lakh cash and a car from him. Two accused are absconding.

Hyderabad: A resident of Bhongir district, who wanted one kilogram gold at a discounted rate, got the shock of his life after he received rocks wrapped in a saree. Afzalgunj police unearthed individuals from Karnataka to be behind the con operation. 

Deputy commissioner of police (East Zone) B Balaswamy said Jaya Kumar, a native of Raichur district, was arrested and has seized Rs 40 lakh cash and a car from him. Two others, Uday alias Reddy and Sandeep alias Raghu are reportedly absconding.

What happened?

It all began on March 20, when Reddy reached out to the victim, Munukuntla Niranjan, with an enticing offer—gold at a discounted price. Curious and interested, Niranjan agreed to meet him. A few days later, the two sat down face to face, and to build trust, Reddy sold him 5 grams of genuine gold for Rs 25,000. It seemed like a straightforward deal—until it wasn’t.

Encouraged by the earlier deal, Niranjan met Reddy again on May 12—this time for a much bigger purchase: 1 kg of gold for Rs 65 lakh. Around 2:30 PM, he and a friend went to meet Reddy and two others, Raghu and Jaya Kumar, near an auto stand in Putlibowli. There, Niranjan handed over a bag filled with cash and received a bag that was supposed to contain the promised gold.

But the real shock came moments later. The accused fled the scene on two bikes without number plates as soon as the deal was done. When Niranjan checked the bag, he found sarees wrapped with rocks instead of the gold.