Cyberabad police have arrested an engineer who duped people in the name of investing in gold to the tune of Rs 6.12 billion.
The Economic Offenses Headquarters (EOW) police station in Cyberabad busted the case and arrested Ghanta Sredar, a software employee from Andhra Pradesh’s Tirupati district and a resident of Hyderabad.
Police have booked the 40-year-old man under Sections 406 and 420 IPC of the Indian Penal Code (IPC) and Section 5 of the Telangana Financial Institutions Depositors Protection Act, 1999.
According to police, the suspects lured the victims with promises of high returns by investing in gold. Cyberabad EOW deputy commissioner of police K. Prasad said the suspects had defrauded 13 victims, including colleagues in the office, of Rs 6.12 billion.
The police cracked down on the case based on a complaint from one of the victims.
On February 22, 2024, the defendant sent the plaintiff a message regarding a gold investment scheme.
The victims were told that they could buy gold at Rs 5,950 per gram for quantities between 100 and 200 grams and Rs 5,850 per gram for quantities between 300 and 500 grams by paying into the store’s account.
The price if paid in cash is Rs 5,850 per gram for 100-200 grams and Rs 5,750 per gram for 300-500 grams.
The engineer promised to deliver the gold within about 25 days. One of the victims called the police after Prasad did not hand over the money even after receiving the money.
A police investigation revealed that the defendant was attracted to a colleague at OSI Digital, a software company where he worked.
Most of them started believing and wanted to invest in gold to get better profits.
The complainant was introduced to the defendant at a family gathering. Since then, the accused had gained her trust and had been in regular contact with her. According to police, the suspect had been working for the company for more than 12 years.
