Hyderabad Police Investigate Gold Trading Fraud Alleging ₹32 Lakh Swindle

Authorities in Hyderabad have initiated a formal inquiry into fraud allegations involving a local gold trader identified as Surya Bhai, commonly referred to as "Gold Man," following a complaint lodged by a city businessman at Attapur Police Station.

The businessman's complaint details an elaborate scheme wherein Surya Bhai purportedly offered to sell gold at substantially discounted rates. The accused allegedly claimed possession of a consignment of several kilograms of gold and proposed selling one kilogram for ₹50 lakh—well below prevailing market prices.

Convinced by these representations, the businessman transferred ₹32 lakh to Surya Bhai in multiple installments.

Promises Unfulfilled, Threats Alleged

The complaint asserts that despite months passing, the promised gold was never delivered. When the businessman pressed for answers regarding his investment, the accused allegedly responded with threats rather than a refund.

In his statement to police, the complainant also alleged that Surya Bhai invoked purported connections with the Telangana Chief Minister and high-ranking law enforcement officials, specifically naming former Cyberabad Police Commissioner V.C. Sajjanar. These claims were allegedly made to discourage repayment demands and evade accountability.

Investigation Underway

Realizing he had been deceived, the businessman filed a formal complaint with Attapur Police. Authorities registered a criminal case against Surya Bhai on charges of cheating and criminal intimidation. The investigation remains ongoing, with no arrests announced to date.