Hyderabad, July 29: The Central Crime Station (CCS) of Hyderabad Police has arrested an alleged member of an organised crime syndicate for cheating people of nearly ₹2 crore by promising cheap imported gold from Dubai and Sri Lanka.
The accused, identified as Kondapuram Laxmikanth Reddy, was arrested in connection with a case registered at CCS Police Station and has been remanded to judicial custody.
According to police, the case was registered based on a complaint filed by Rakesh Balaram Goud, a resident of Sanath Nagar. The investigation was conducted under the supervision of Additional Commissioner of Police (Crimes) M. Srinivas, IPS, DCP CCS S. Chaitanya Kumar, IPS, and ACP Mallikarjuna Choudhary.
Police said the accused falsely claimed to have contacts with gold dealers importing low cost gold from Dubai and Sri Lanka through Mumbai. To gain the confidence of victims, he allegedly shared WhatsApp videos showing packaged gold biscuits and promised substantial returns within a short period.
Investigators said the complainant was allegedly induced to invest around ₹2 crore. Preliminary findings indicate that several other people may have been cheated using the same method.
CCS officials stated that Laxmikanth Reddy is a habitual offender with six previous criminal cases registered in Telangana and Andhra Pradesh involving financial fraud, criminal breach of trust, kidnapping, intimidation and other offences.
Considering his criminal history, police booked the accused under provisions relating to organised crime under the Bharatiya Nyaya Sanhita (BNS). Further investigation is in progress to identify additional victims and possible accomplices.
Hyderabad Police advised the public not to trust offers of gold or investment schemes promising unusually low prices or unrealistic returns. Officials urged citizens to verify claims thoroughly before investing money.
