Hyderabad: The Medipally police on Tuesday arrested four persons with 5 kg of fake gold biscuits counterfeit currency with a face value of Rs 6.86 crore, at Keesara near the Outer Ring Road (ORR). The gang was also carrying Rs 51 lakh cash.
Police seized the fake currency and the money as well as the 50 pieces of 10-tola gold-coated biscuits from the possession of the gang. The accused were identified as Karredula Vijay Kumar, 39, Namboori Devid Livingstone, 52, B. Sunil Ghavasker, 27, and Adigopula Om Sai Kiritee, 26.
The incident came to light after the complainant, Dileep Barfa, told the police that he had learned about gold being sold for cheap through his friend Singireddy Suresh of Boduppal. On May 19. They went to TC Palya, Bengaluru and met Vijay Kumar and one Harish.
The duo took Rs 6 lakh from the complainant and gave him 81 grams of gold. Four days later, Harish came to Boduppal and gave him an additional 20 grams of gold.
The complainant then placed an order for 2 kg of gold and paid the duo Rs 20 lakh. On May 29, Barfa said, Vijay Kumar and Harsha sold 5 kg gold to other customers in their presence. Later, the complainant paid the due of Rs 90 lakh for 2 kg of gold.
However, Vijay Kumar informed them that he was out of stock and took them to Chennai to meet Livingstone, who he called his managar, at a high-end hotel on May 30. Livingstone directed them to collect the gold at Road No. 35, Banjara Hills. Barfa failed to get the gold, and registered a police complaint.
Police found that the accused approached gold merchants and offered them the precious metal at a cheaper rate. In the initial transactions, the gang would provide genuine gold biscuits. In subsequent transactions, the gang would get fake customers who would pretend the buy the gold with fake currency.
The target, fully convinced now, would pay money to purchase more gold. The gang would take the money and not deliver the gold. When the purchaser would press them for the delivery, the gang would sent a fake cop to scare them off.
