Police bust gold scam ring in southern India, arrest four
by Bhagyashree BarmanIn a dramatic turn of events reminiscent of a movie plot, police have successfully dismantled a gang involved in a sophisticated gold scam in southern India’s Telangana.
The incident took place in Medipally town, Medchal Malkajgiri on June 18.
Visuals showed the seized money (cash bundles) and gold biscuits.
According to reports, the gang lured potential buyers by offering gold at prices lower than the market rate, only to deceive them with elaborate staged scenes and counterfeit money.
The police arrested four men identified as Karreddula Vijay Kumar, Namboori Devid Livingstone, Bogiri Sunil Ghavasker, and Adigopula Om Sai Kiritee, all hailing from Nellore, Andhra Pradesh. They were found in possession of 5 kilograms of gold-coated biscuits, dummy cash amounting to ₹6.86 crores (approximately $830,000), one police constable uniform used in the commission of the crime, and ₹51 lakhs (approximately $62,000) in cash.
The investigation was launched following a complaint from Dileep Barfa, who reported that he had been lured into the scam by his friend Singireddy Suresh. Barfa and Suresh initially paid ₹6 lakhs (approximately $7,200) for 81 grams of genuine gold, which established trust. However, when Barfa later paid ₹1.1 crore (approximately $133,000) for 2 kilograms of gold, he was deceived by a staged scene where a fictitious customer allegedly bought all available gold with counterfeit money.
The police, led by Commissioner Dr. Tarun Joshi, explained that the gang’s modus operandi involved providing genuine gold at first to build trust. Subsequent transactions involved fake gold biscuits and staged scenes with fake currency and a counterfeit police officer to create confusion and fear among the victims.
The victims were then left empty-handed, and the gang members would disappear, making further contact difficult. Upon realizing the scam, Barfa approached the police, leading to the bust.
The accused are now in judicial custody as the investigation continues. This operation underscores the vigilance of the Rachakonda police in tackling sophisticated frauds and protecting citizens from such elaborate scams.