Hyderabad ‘Gold Man’ Arrested for ₹32 Lakh Fake Gold Scam
HYDERABAD: Narayanguda police on Saturday arrested Pallapu Suresh Kumar, alias Surya Bhai, popularly known as “Gold Man”, for allegedly cheating a Hyderabad businessman of ₹32.3 lakh in a fake gold deal.
Police arrested the accused at Attapur and produced him before a court, which remanded him to judicial custody.
The case stems from a complaint filed on June 26 by Vegroj Krishna Chary, a real estate businessman and owner of NS Jewellery in Himayathnagar.
According to the complaint, Surya Bhai promised to supply one kilogram of 24-carat gold at 20% below the market price. Trusting the offer, Krishna Chary and his associates first paid ₹11 lakh in cash at a café in Himayathnagar. They later handed over another ₹10 lakh and ₹6 lakh in cash at separate locations, along with gold ornaments worth ₹5.3 lakh.
In total, the accused allegedly collected ₹32.3 lakh in cash and gold. However, he neither delivered the promised gold nor returned the money, police said.
Based on the complaint, Narayanguda police registered a case and launched an investigation. Investigators traced Surya Bhai to Attapur and arrested him.
Police said the investigation is continuing.
