The Hyderabad Central Crime Station (CCS) has arrested an alleged inter-State fraudster accused of cheating people of around ₹2 crore by promising to supply imported gold from Dubai and Sri Lanka at below-market prices.
The accused, identified as Kondapuram Laxmikanth Reddy, a native of Mahabubnagar district, was arrested in connection with a case registered on a complaint by a Sanath Nagar resident, who alleged that he was duped of nearly ₹2 crore.
According to the police, Laxmikanth Reddy claimed to have contacts with gold dealers importing gold from Dubai and Sri Lanka to Mumbai. To gain the confidence of prospective victims, he allegedly shared WhatsApp videos showing packaged gold biscuits purportedly ready for shipment and promised high returns in a short period before collecting large sums of money.
Preliminary investigation revealed that several other people were allegedly cheated using the same modus operandi.
Police said the accused is a habitual offender with six previous criminal cases registered against him in Telangana and Andhra Pradesh, including cases of financial fraud, criminal breach of trust, kidnapping, intimidation and other offences. In view of his criminal antecedents, the CCS invoked provisions relating to organised crime under the Bharatiya Nyaya Sanhita in the present case.
The accused was produced before the XII Additional Chief Judicial Magistrate, who remanded him to judicial custody. Further investigation is under way.
The police advised the public not to fall prey to offers of cheap gold or promises of unusually high returns, urging them to verify such claims before investing money.
Published – July 29, 2026 08:36 pm IST
