Skip to main content

Indian Police Busts Gold Gang For Defrauding Traders

COMMODITIES ROAR / Gold Bars
A widely held belief of pure and cheap gold coming from the Gulf among gold merchants and the general public in India was exploited by a gang of enterprising cheats in the south of the country.
Police in Nellore district of Andhra Pradesh busted a gang active in Andhra Pradesh and Tamil Nadu, arresting ten of its members including the kingpin Devarakonda Sudheer, alias Ajay Reddy, earlier this week on charges of cheating gold jewellers out of Rs30 million (N85m)
Nellore district superintendent of police B V Ramanakumar said that the gang had come up with a bizarre modus operandi to trap the unsuspecting gold merchants from different places in the coastal Andhra region.
“They lured the merchants promising to sell them gold at cheaper rates compared to the local market price. They said they could do it as the gold was smuggled from the Gulf and other foreign countries,” he said.
Acting out an elaborate drama, the gang defrauded buyers in a number of ways, including assuring merchants that they had the backing of powerful people including customs officials.
“To impress a gullible buyer, some people would arrive in a luxury car posing as customs officials and traders from Dubai when the transaction would be under process,” Ramanakumar said.
According to police, the scam began with Ajay Reddy first selling a gold biscuit at a far cheaper rate to a local merchant in Kavali town of Nellore district. The gold biscuit was sold for Rs250,000 (N712,806), almost 50 per cent less than the market price. As word spread among the gold merchants, the gang attracted more buyers. They also operated in Chennai in neighbouring Tamil Nadu.
In Chennai, the gang collected money from traders by handing them tiffin boxes saying they contained gold biscuits, and were able to extort millions of rupees from the unsuspecting traders without selling any gold

Comments

Popular posts from this blog

Olajumoke Orisaguna Stuns In New Photos

Bread-seller turned model Olajumoke,who is currently shooting for her new reality show really looks amazing as she stuns in several outfits. Here are more photos below......

Chris Brown taunted in jail over Rihanna beating

According to reports, other prisoners are giving C hris Brown hell in jail for attacking Rihanna From  Hollywood Life  “One inmate said in passing ‘you a b***h for hitting Rihanna,’” a source close to the situation exclusively reveals to HollywoodLife.com. Chris is doing his best not to listen to the banter, however, it does make him “extremely upset” when he hears such sentiments. “They be saying other stuff too, like ‘you ain’t no rapper, you’re a whack R&B singer,’” the source continues. “They’re in there trying to break him down.”

The reason behind Halle Berry and Olivier Martinez split

  Last week rumors spread that  Halle Berry  and third husband actor Olivier Martinez may be headed for divorce. And now there are reports that the reason behind the split is Halle and Olivier Martinez' 6 month old son... From  Star Magazine Friends say that the duo are leading increasingly separate lives because they can’t stop fighting. “They have had some extremely vicious arguments, and every small thing is causing issues,” a source says. “Olivier thinks Halle is spending too much time working and trying to lose weight and not enough time on their baby. Halle is tired of Olivier telling her what to do. Both of them are very hot tempered and stubborn.