Man held for scamming people with low-price gold offers

Hyderabad: A 32-year-old man has been arrested by the Hyderabad cybercrime police for allegedly cheating people by offering gold at a lower price. Police also recovered one mobile phone and an SBI savings account passbook.

The accused has been identified as Jale Chandra Shekhar Reddy, from Saroor Nagar, Ranga Reddy district.

According to reports, In December 2024, the victim received a WhatsApp call from an unknown person claiming to be traveling from Mumbai to Hyderabad to buy gold at Rs 50,000 per 10 grams which is significantly lower than the market rate of Rs. 80,000.

The fraudster convinced the elderly man to buy six tolas of gold, citing references of known people to gain his trust.

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The victim transferred Rs. 5 lakh into multiple bank accounts provided by the accused. However, the fraudster repeatedly postponed the delivery, citing excuses like Christmas and other delays. When the victim tried to contact him on January 15, the accused stopped responding, making the elderly man realize he had been scammed.

A case was registered under sections 66C and 66D of the IT Act, along with multiple sections of the BNS.

Police stated that the accused was addicted to online betting and alcohol. He reportedly used WhatsApp calls and messages to lure victims with false promises of cheap gold from Mumbai, convincing them to make advance payments before cutting off communication.

Upon launching the investigation, Hyderabad police arrested the accused.

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