Hyderabad Gold Heist: Elaborate Scam Nets Fraudster 1 Crore in Precious Jewellery
In a shocking case of deception from Hyderabad, a fraudster posing as an associate of a prominent city-based woman entrepreneur has been accused of orchestrating a sophisticated gold scam, resulting in the misappropriation of approximately 750 grams of gold jewellery valued at around 1 crore rupees. The incident, which targeted the proprietor of a jewellery store in the upscale Banjara Hills area, has prompted the local police to launch a comprehensive manhunt for the accused individuals.
Modus Operandi: A Week-Long Web of Deceit
According to detailed police reports, the 40-year-old woman jewellery store owner received an unsolicited WhatsApp call on February 17 from an unknown number. The caller, introducing himself as 'Ankit Rathi', claimed to be working for a well-known woman entrepreneur and proposed a lucrative partnership involving the exchange of jewellery for cash and gold. Trusting the credibility implied by the name-drop, the victim agreed to engage in the proposed business deal.
Over the subsequent week, the fraudster, identified by police as Srinath Rathi, along with his associates Krishna and Manoj, meticulously executed a series of exchanges designed to build false trust:
- February 19: The victim's staff delivered a 166-gram gold necklace to Krishna at a star hotel in Somajiguda, collecting two blank cheques as purported security.
- February 20: A 170-gram gold biscuit was delivered at the victim's shop, while gold bangles and ornaments weighing 364 grams were taken by the accused.
- February 21: A deposit of 75,000 rupees was made into the victim's company account to maintain the appearance of legitimacy.
- February 22: Krishna arrived at the victim's residence with 250 grams of raw gold and departed with 507 grams of gold jewellery.
- February 23: Rathi met the victim at a star hotel in Madhapur, collected 1,036 grams of gold ornaments, and handed over a 500-gram gold bar.
- February 24: The victim was called to a restaurant in Banjara Hills, where Rathi provided her with 9.5 lakh rupees in cash.
The Scam Unravels: Brass Bar Exposes Fraud
The elaborate scheme began to collapse on February 25, when a 1.8-kilogram gold bar delivered by Rathi at a star hotel in Banjara Hills was later tested by the victim and discovered to be made of brass. As Rathi subsequently stopped answering her calls, the victim visited his purported residence in Kachiguda, only to find it locked. She reported that Rathi's family members stonewalled her inquiries about his whereabouts, leading her to formally lodge a complaint with the Banjara Hills police on the night of Thursday, February 26.
Police Action and Legal Framework
Acting swiftly on the victim's complaint, the Banjara Hills police have registered a comprehensive cheating case and initiated an intensive manhunt for the accused. The individuals named in the FIR include Srinath Rathi, Krishna, Manoj, and others. They have been booked under multiple sections of the Bharatiya Nyaya Sanhita, specifically:
- Section 316(2) – Punishment for criminal breach of trust
- Section 318(4) – Cheating
- Section 319(2) – Cheating by personation
All charges are read with Section 3(5), which pertains to common intention, indicating a coordinated criminal conspiracy.
Banjar Hills Inspector S Suhasan provided an official update, stating, "The accused is currently absconding. Our dedicated investigative team is employing all available resources to track him down and ensure he faces the full force of the law." The case highlights the vulnerabilities in high-value jewellery transactions and serves as a cautionary tale for business owners to verify credentials meticulously before engaging in substantial financial exchanges.
