The Hyderabad City Police have arrested Rajesh, the mastermind behind a fraudulent gold trading scheme, on Sunday. Operating an office in Habsiguda, Hyderabad, Rajesh allegedly defrauded nearly 500 people, collecting up toRs1 crore in investments. Each victim was led to believe their investment of approximately Rs5 lakh would double within five months.
Initially, Rajesh paid out profits for the first two months, which convinced investors of the scheme’s legitimacy. Encouraged by these returns, many victims chose to invest larger sums. However, Rajesh soon absconded with the invested money, leading to significant financial losses for the victims.
After being on the run for two months, Rajesh was apprehended by the Central Crime Station (CCS) police. Authorities are now conducting further investigations to recover the defrauded funds and hold those involved accountable.