Hyderabad Police Arrest Interstate Fraudster in ₹2 Crore Gold Scam

The Hyderabad Central Crime Station (CCS) has arrested an alleged inter-state fraudster accused of cheating victims of approximately ₹2 crore by promising to supply imported gold from Dubai and Sri Lanka at below-market prices.

Accused Details

The accused has been identified as Kondapuram Laxmikanth Reddy, a native of Mahabubnagar district. He was arrested in connection with a case registered following a complaint by a resident of Sanath Nagar, who alleged that he was defrauded of nearly ₹2 crore.

Modus Operandi

According to police, Laxmikanth Reddy claimed to have contacts with gold dealers importing gold from Dubai and Sri Lanka to Mumbai. To gain the trust of potential victims, he allegedly:

• Shared WhatsApp videos showing packaged gold biscuits purportedly ready for shipment
• Promised high returns within a short period
• Collected large sums of money from victims before disappearing

Preliminary investigations indicate that several other individuals were allegedly cheated using the same method.

Criminal History

Police stated that the accused is a habitual offender with six prior criminal cases registered against him in Telangana and Andhra Pradesh, including:

• Financial fraud
• Criminal breach of trust
• Kidnapping
• Intimidation
• Other offences

In light of his criminal record, the CCS invoked provisions related to organised crime under the Bharatiya Nyaya Sanhita in the present case.

Legal Proceedings

The accused was produced before the XII Additional Chief Judicial Magistrate, who remanded him to judicial custody. Further investigation is ongoing.

Public Advisory

Police have advised the public not to fall prey to offers of cheap gold or promises of unusually high returns, urging individuals to verify such claims before investing money.