Hyderabad: Police arrested a finance company manager in Miryalaguda for allegedly cheating a gold trader of ₹9.60 lakh by promising to supply pledged gold at a lower price.
The arrest followed a complaint that the accused collected money after claiming he could provide auctioned gold from a finance company at a discounted rate.
According to Miryalaguda DSP Rajasekhar Raju, the accused, Lodangi Yadagiri, worked as a manager at a Muthoot Fincorp branch in Miryalaguda town. He allegedly told customers that pledged gold in the finance company had come up for auction and that he could arrange it at a lower price.
As part of the Muthoot Fincorp fraud, Yadagiri reportedly approached several people claiming he could help release pledged gold from other finance companies as well. Meanwhile, he built contacts with local jewellery shop owners.
Muthoot Fincorp fraud involved promise of discounted auction gold
Police said Yadagiri convinced a gold shop owner, Upendra Chari of Miryalaguda, that he could supply gold worth ₹12 lakh if ₹9.60 lakh was paid in advance.
Believing the offer, Upendra Chari transferred ₹9.60 lakh to Yadagiri’s account. However, the accused kept delaying the delivery of gold, claiming that the system server was not functioning.
After some time, Yadagiri allegedly absconded without supplying the gold. Realising that he had been cheated, the victim approached Miryalaguda One Town police and lodged a complaint.
Following the complaint, police registered a case and began an investigation into the Muthoot Fincorp fraud.
Police probe into Muthoot Fincorp fraud revealed betting habit
During the probe, police tracked down and arrested Yadagiri. He was later produced before a court and remanded to judicial custody.
DSP Rajasekhar Raju said investigators also found that the accused had allegedly committed similar frauds in the past. Police suspected that Yadagiri had developed a betting habit and cheated customers visiting the finance company to obtain money.
Officials recovered ₹4 lakh from the accused as part of the investigation.
The DSP warned that traders and customers must conduct business ethically and avoid illegal practices. Otherwise, police would take strict action in such cases.
One Town Circle Inspector Nagabhushana Rao and other police officials attended the press conference.