On Sunday, the Hyderabad City Police arrested the mastermind behind a fraudulent gold trading scheme that deceived nearly 500 people out of up to Rs 1 crore. The accused, Rajesh, had set up an office in Habsiguda, Hyderabad, and promised investors large returns on their money. Each victim invested around Rs 5 lakh, believing their investment would double within five months.
Initially, Rajesh paid profits for the first two months, convincing investors of the scheme’s legitimacy. Encouraged by these returns, many victims invested larger sums. However, Rajesh absconded with the money shortly afterward.
After being on the run for two months, Rajesh was finally apprehended by the Central Crime Station (CCS) police on Sunday. Authorities are continuing their investigation in an effort to recover the defrauded funds.
