In a significant breakthrough, Hyderabad’s Cybercrime police have arrested a 32-year-old man, Jale Chandra Shekhar Reddy, for allegedly cheating an elderly man out of Rs5 lakh with a fake gold scheme. The accused, a resident of Saroor Nagar in Ranga Reddy district, lured his victim with an offer of gold at a significantly lower price than the market rate.
According to the victim’s complaint, he received a WhatsApp call in December 2024 from an unknown individual claiming to be traveling from Mumbai to Hyderabad, offering gold at Rs50,000 per 10 grams — well below the market price of Rs80,000. The fraudster convinced the elderly man to purchase six tolas of gold by providing references of known people, making the deal appear trustworthy.
The victim, enticed by the offer, transferred Rs5 lakh to various bank accounts provided by the accused. However, after several delays and excuses, such as the Christmas holiday, the fraudster stopped responding to the victim’s calls and messages. On January 15, 2025, when the victim realized he had been scammed, he filed a complaint with the police.
Police investigation revealed that the accused, addicted to online betting and alcohol, used WhatsApp calls and messages to deceive victims into making advance payments for the falsely promised gold. The authorities were able to recover one mobile phone and an SBI savings account passbook from the accused during the arrest.
Jale Chandra Shekhar Reddy was taken into custody by the police, and further investigations are underway to determine if there are other victims involved in similar fraudulent activities. The police have urged the public to be cautious when approached with such enticing offers, particularly those involving financial transactions via unverified platforms.
