Hyderabad: Chain-snatchers sold gold in other states
Small jewelleries also used to buy the stolen gold paying prices less than market rates.
Hyderabad: With the police increasing surveillance on pawn shops and small jewellers in the city, chain-snatchers are moving to neighbouring districts and states to dispose off the snatched gold at prices substantially less than market rates. Karnataka and Maharashtra are the prime destinations of the gold snatched from Hyderabad.
Earlier, most snatchers used to mortgage or sell their gold to private finance firms in the city. The small jewelleries also used to buy the stolen gold paying lesser prices than market rates.
The city police then started booking receivers for accepting the stolen property and this almost stopped the practice.
“Now chain-snatchers from Hyderabad are moving to other districts and states to sell it to unsuspecting buyers and offer them at very cheap prices. Recovery of stolen gold becomes very difficult due to this,” said a senior police official.