Cyber Fraudster Arrested for Deceptive Gold Sale Scheme Targeting Victims with Unrealistic Discounts
(Judicial Quest News Network)
Hyderabad Cyber Crime Police have apprehended Jale Chandra Shekhar Reddy, a 32-year-old resident of Saroor Nagar, Ranga Reddy District, for allegedly defrauding individuals by posing as a seller of gold at significantly reduced prices. His deceptive tactics targeted innocent victims, leading them to part with large sums of money under the guise of purchasing gold at rates far below market value. During the investigation, it was discovered that Reddy was involved in a similar case in Hyderabad.
Details of the Case: In December 2024, a 75-year-old man residing in Koti, Hyderabad, received a WhatsApp call from an individual claiming to be traveling from Mumbai to Hyderabad. The caller offered to sell 10 grams of gold at just Rs. 50,000, despite the gold’s actual value being Rs. 80,000. The fraudster’s repeated insistence and mention of mutual acquaintances led the victim to trust him. The caller urged the elderly man not to discuss the offer with anyone and assured him that the gold would be delivered.
Convinced by the scammer’s false assurances, the victim transferred Rs. 5,00,000 across various bank accounts provided by the fraudster in exchange for six tolas of gold. However, after multiple delays—citing Christmas and other excuses—the fraudster promised delivery on January 15, 2025. When the victim tried to contact him, the fraudster stopped responding, eventually disappearing.
Realizing he had been deceived, the victim filed a complaint, leading to the registration of a case (Cr. No. 332/2025) under sections of the IT Act and various BNS Act provisions. The investigation is ongoing.
Modus Operandi: Reddy, a known addict to online betting games and alcohol, devised this fraudulent scheme to fund his habits. He targeted victims through WhatsApp, posing as a gold seller who could buy gold at low rates in Mumbai and resell it with little markup. He requested advance payments for gold purchases, but after receiving the funds, he would cut off all communication, leaving the victims stranded.
Seized Property:
- Mobile Phone: 01
- SBI Savings Account Passbook, used in the commission of the fraud
The arrest was made by a team led by Inspector K. Prasada Rao, along with SI P.V.S. Abhishek and police officers H. Shekhar and G. Kranthi Kumar Reddy.
Public Advisory: Authorities warn the public to be cautious of scammers who may approach them via WhatsApp or other messaging platforms, offering gold at prices much lower than market value.
Key red flags to watch for:
- Unsolicited calls or messages offering unrealistically low prices.
- Pressure to act quickly or to keep the transaction confidential.
- Requests for payments to different bank accounts.
- Use of trusted names to gain trust.
If you suspect you are a victim of cybercrime, immediately seek assistance by dialling 1930 or visiting cybercrime.gov.in.
