City techie arrested for conning people in gold investment fraud

Hyderabad: The Economic Offences Wing (EOW) of Cyberabad arrested a techie for duping people in the name of investment into gold to the tune of Rs 6.12 crore.

The arrested person, G Sreedhar (40), is a software employee hailing from Tirupati district in Andhra Pradesh and residing in Hyderabad. The police booked the case under Indian Penal Code (IPC) sections 406 and 420 IPC and Section 5 of the Telangana Protection of Depositors of Financial Establishments Act 1999.

According to the police, the accused lured the victims with the offer of good returns on investment in gold. He cheated 13 victims, including colleagues at his office, to the tune of Rs 6.12 crore. Acting on a complaint by one of the victims, the police busted the racket. As per the complaint, on February 22, 2024, the accused sent a message to the complainant about the gold investment scheme. The victim was told that he can buy gold at Rs 5,950 per gram for 100 to 200 grams and Rs 5,850 per gram for 300 to 500 grams by making payment to the shop account.

If the amount is paid in cash, the price will be Rs 5,850 per gram for 100 to 200 grams and Rs 5,750 per gram for 300 to 500 grams. The techie promised delivery of gold in about 25 days. When he did not deliver the gold even after receiving payments, one of the victims approached the police, and a case was registered. During the investigation, it was revealed that the accused attracted his colleagues at OSI Digital, a software company where he was employed. Most of them started believing and wanted to invest in gold for better returns.

The complainant got introduced to the accused at a family gathering. Since then, the accused person has been in regular contact with them, gaining their trust. He has been working for the company for over 12 years.