Hyderabad trader duped of ₹4 crore in investment scam
HYDERABAD: A jewellery trader has filed a complaint at the Central Crime Station (CCS) in Hyderabad, alleging fraud of ₹4.27 crore in the name of investments.
Manmohan Dayama and his wife Shobha Dayama, residents of Vijayanagar Colony, run Sri Tirumala Jewellers. Around eighteen months ago, Rashid Khan of Upparapalli, his wife Nafisa Rashid Khan and their family members began visiting the shop as customers.
Investment pitch promises threefold returns in ten months
In June, Rashid Khan met the complainant and claimed he ran a share trading office in Mumbai. He promised profits if investments were made, assuring that ₹7 lakh would yield three times returns within ten months.
Trusting him, the victim’s wife handed over gold bangles as investment. Over time, the accused collected assets worth ₹4.27 crore in instalments.
Phones switched off after taking more jewellery
In January, the accused took additional jewellery and switched off their phones. When the victim visited Rashid Khan’s shop, it was found locked.
He later learnt that Rashid Khan and his wife had fled to Mumbai, while other family members reportedly left for Dubai. The victim then approached the police and filed a complaint.
