Hyderabad Gold Traders Accused of Rs 1.7 Crore Fraud on Logistics Firm
A prominent air logistics company based in Hyderabad has approached the Hyderabad Central Crime Station (CCS), filing a formal complaint alleging that two gold traders have cheated the firm of a substantial sum of Rs 1.7 crore. The accusation centers on the traders' failure to either pay for or return a valuable gold consignment entrusted to them through the firm's services.
Police Register Cases Against Accused Individuals
Based on the detailed complaint submitted by the logistics firm, the CCS police have officially registered cases against the two individuals named in the FIR: Biswajith Kinkar Senapathi and Prasenjith Pakhira. The investigation is currently underway as authorities work to uncover the full extent of the alleged fraud and gather evidence.
Details of the Alleged Fraud Scheme
According to the FIR, the complainant's company specializes in providing comprehensive parcel services, which include the secure transportation of high-value items such as gold and silver. The accused traders were regular customers who frequently utilized the firm's valuable payable post (VPP) service. Under this service agreement, payment for the consignments was required to be made within a specified period of 15 to 20 days after receipt.
The standard procedure involved the firm settling payments with the original consignors after deducting a nominal service charge of 2%. However, in a significant breach of trust, the accused allegedly collected gold consignments on various dates in December 2025 but failed to adhere to the payment terms.
Failure to Pay or Return Gold Consignment
The logistics firm reported that the traders neither made the promised payment nor returned the gold consignment as per the agreement. When the firm attempted to contact the accused to resolve the issue, they were reportedly unreachable and ceased responding to all communication attempts, including phone calls.
The complainant has alleged that the duo defaulted on payment for a total of 1,791 grams of gold, with an estimated market value of Rs 1.7 crore. This alleged act of cheating has caused significant financial loss and operational disruption for the logistics company.
Ongoing Police Investigation
Police officials have confirmed that an investigation is actively progressing to verify the allegations and determine the whereabouts of the accused individuals. The case highlights the risks associated with high-value logistics services and underscores the importance of stringent verification processes in the trade of precious metals.
This incident serves as a cautionary tale for businesses involved in the transportation and handling of valuable commodities, emphasizing the need for robust security measures and legal safeguards to prevent such fraudulent activities in the future.
