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Swindler gold trader lands in police net
After duping several wholesale gold and diamond suppliers, the accused flees the country with 50 kg ornaments; comes back stealthily hoodwinking immigration check officials
After duping several wholesale gold and diamond suppliers, the accused flees the country with 50 kg ornaments; comes back stealthily hoodwinking immigration check officials
Hyderabad: Diamond and gold trader Bipin Jain was on Wednesday arrested by the Charminar police for cheating several gold traders and vanishing with 50 kgs of gold. The police recovered 4 kgs of gold from the accused.
South zone Deputy Commissioner of Police (DCP) V Satyanarayana said Bipin Jain duped gold merchants with the help of some of his family members and his uncle. “We are probing the role of Bipin’s father Sunil Jain, brother-in-laws Vikas Agarwal, Nikhil Agarwal and uncle Mahaveer Jain in the offenses,” the DCP said.
According to the DCP, Bipin worked in A-Star Jewellery of Asian Star Company Limited for 10 years before starting his career as a diamond and gold merchant in the year 2013. However, the accused claims that he incurred huge losses and could not clear the dues of his suppliers due to which he approached his family to draft a bailout plan. Some family members and one of his uncles gave him the idea of buying on credit as much gold as possible from various suppliers based in Hyderabad, Chennai and Mumbai and vanish with the booty, DCP Satyanarayana said.
Accordingly, Bipin purchased gold ornaments from various suppliers and did not clear the dues as agreed. As a result, the suppliers lodged complaints in various police stations including the Central Crime Station (CCS). Bipin purchased 9.6 kgs of gold from Ravi Kataria and Mukhesh of Vijay Ventures of Chennai when they came to Hyderabad to sell the gold ornaments promising them to pay the money in three days.
However, Bipin along with his family, disappeared only to reach Bangkok on a holiday with the booty made out of selling the gold ornaments purchased on credit from various suppliers. From there, he went to Indonesia, Malaysia and then to Nepal. In the meantime, the CCS officials issued a lookout circular against the accused, the DCP said.
With a view to giving a slip to the immigration authorities, Bipin returned to India by road and was quietly living in his house at Somajiguda. Charminar police got wind of Bipin and nabbed him, the DCP said adding that they would request the court to grant 10 days of police custody for the accused since he is wanted in as many as seven cases registered in different police stations in the city.
