Hyderabad jeweller, family booked for Rs 20 cr gold fraud

Hyderabad: A jewellery trader who operated a shop in Somajiguda, along with his family members and staff, has been booked by the Central Crime Station (CCS) for allegedly duping four gold suppliers of ornaments worth Rs 20.59 crore.

The four traders filed a complaint with the CCS stating that the accused had approached them in 2024, presenting himself as an established jeweller with a chain of shops. Convinced by his credentials, they began supplying gold ornaments to his Somajiguda outlet.

The accused initially paid on time and honoured the terms of the agreement — enough to build trust and keep the supplies coming. Between April 2025 and June 2026, the four traders collectively supplied 13.649 kg of gold ornaments. The accused acknowledged receipt and issued cheques as security.

He then allegedly stopped making payments and failed to return the ornaments despite repeated demands, effectively misappropriating the gold. When the complainants made inquiries, they found that several of his business claims were false. 

By then, the accused had allegedly switched off his mobile phone and absconded from Hyderabad along with family members.

The CCS has booked the accused, his family and staff for criminal breach of trust and criminal conspiracy under sections 316(5) and 61(2) of the law.