Police Recover ₹45.05 Lakh as Investigation Expands Into Alleged Gold Scam
Chennai Police have arrested two more accused in connection with an alleged ₹63 lakh discounted gold fraud, taking the total number of arrests in the case to six. Investigators have also recovered ₹45.05 lakh in cash allegedly obtained from the victim and are probing whether the accused were involved in similar frauds elsewhere.
According to police, the suspects allegedly lured a wholesale gold jewellery trader with the promise of supplying gold at prices significantly below the prevailing market rate before carrying out a carefully coordinated fraud.
The case highlights the importance of due diligence, transaction verification, and auditing services in india in reducing financial risks in high-value commercial transactions.
Trader Allegedly Lured With Discounted Gold Offer
Police said the complaint was filed by 24-year-old Anmol Jain, who operates a wholesale gold jewellery business in Chennai along with his relative Namith.
According to investigators, on July 17, Namith was allegedly contacted by two men claiming they could supply gold at a price substantially below the market rate.
The traders were allegedly instructed to bring ₹63 lakh in cash to complete the proposed purchase.
Alleged Fraud Executed in Multiple Locations
As per the police investigation, Anmol met the suspects near Arumbakkam Metro Station, after which they took him to a nearby commercial complex, claiming the gold was stored there.
Shortly afterwards, four additional men allegedly arrived on two motorcycles.
Police allege that after receiving the cash, one accused immediately handed it to another accomplice.
When the victim asked to inspect the gold, the suspects allegedly insisted that the cash had to be counted first.
The group then persuaded him to travel to another location near Gemini Flyover, claiming the gold was stored there.
During the journey, one motorcycle carrying the cash reportedly sped away.
According to the complaint, the suspects later switched off their mobile phones after falsely claiming that one of their associates had met with an accident.
Realising he had allegedly been cheated, the victim approached the police.
Six Arrested So Far
Police initially arrested four accused on July 18, including:
- Santhakumar (61)
- Sriram (23)
- Two other alleged accomplices
Further investigation led to the arrest of:
- Shakthivel (23) of Perambur
- Viswak (23) of Kondithoppu
Police suspect Shakthivel to be the alleged mastermind behind the operation.
The allegations remain under investigation.
₹45.05 Lakh Recovered
Investigators have recovered ₹45.05 lakh of the allegedly defrauded amount.
Efforts continue to trace the remaining money.
Police are also examining:
- Mobile phones
- Financial transactions
- Communication records
to determine whether the accused were involved in similar offences elsewhere.
Police Advisory
Authorities have advised jewellery traders and members of the public to exercise caution when approached with offers to purchase precious metals or other high-value goods at prices significantly below prevailing market rates.
Police recommend verifying the credentials of sellers and avoiding large cash transactions without proper documentation and verification.
The investigation is continuing.