Hyderabad: The Kacheguda police on Friday busted an online gold cheating gang and seized Rs 10 lakh, three mobile phones, one laptop and one Honda Activa motorcycle from the three of five accused.

The accused were identified as Pankaj Kumar Agarwal, 24, studying CA final year, hails from Bhuvaneshwar, Bhai Lal Bai alias Bobby, 42, a hawala operator from Kacheguda, and Mehul Kumar Patel alias Mehul, 32, (hawala business) of Chappal Bazaar. However, two more accused were absconding.

The main accused, Pankaj Kumar Agarwal, was associated with fraudsters operating from Gujarat in online gold cheating business. He befriended other accused in gold business in Gujarat on Facebook. He then met them at Bhuj and learnt the art of cheating gullible public by showing fake gold biscuits in the guise of gold business. The accused used to show photographs of original gold biscuits but used to cheat them by not handing over gold after receipt of the cash.

They started online cheating through Facebook by posting gold biscuit photos by providing mobile numbers and details with an offer of gold at 6 percent less than the market price. Meanwhile, one Mahadev of Bidar contacted the main accused through Facebook and sought gold from them.

Mahadev contacted Pankaj and when both the parties met, the accused showed original gold biscuits to the prospective buyer and gained his confidence. The accused asked Mahadev to give money in advance to deliver the gold following which Mahadev paid Rs 30 lakh to Pankaj, who told that his agents would deliver the gold in Hyderabad. But, Mahadev was not given any gold and his phone calls to the accused went unanswered. 

Aggrieved by the act, Mahadev approached Kacheguda Police for help. A case had been registered under section 420 and 406 IPC. The arrests were made under the supervision of C Shashidhar Raju, Deputy Commissioner of Police, East Zone, J Narsaiah, Assistant Commissioner of Police, Kacheguda Division, K Satyanarayana, Inspector of Police, Kacheguda, C Yadender, Detective Inspector of Police, Kacheguda with the assistance of Ch Sreenu, Sub-Inspector of Police, Kacheguda and crime staff of Kacheguda Police Station, according to a release issued here on Friday.