Nizamabad: A gold businessman reportedly cheated Rs 10 crore customers in Armoor town using the excuse of Akshaya Tritiya for sale. The incident was revealed on Wednesday when the gold trader’s shop remained closed and his whereabouts were unclear. Given the recent sharp rise in gold prices, some expressed interest in buying gold at an older price to buy gold for Akshya Tritiya and brought advance payments to merchants.
A real estate businessman, government teacher and some other businessmen reportedly brought advance payments to the gold merchant, who runs a wholesale business in Armoor. Given that the gold price hit the Torah of Rs 1 lakh, people paid the advance payment. Wholesale traders start collecting funds in the last month in and around Armoor town.
Over the past four days, the businessman’s cell phone number has been closed and he is unavailable at home. Some went to the businessman’s homes and tried to put pressure on other family members. Meanwhile, the father of the missing gold businessman was taken to a private hospital to complain about a “sanitary emergency.”
Speech Deccan ChronicleAn Armoor jeweler said on condition of anonymity that the missing gold trader recently started a wholesale business. He said the trader’s family is known for having stone businesses with decorations. He believes that there is an exaggerated early payment of Rs 10 crore, but it may be Rs 3-5 crore. He said the advance amount could be trapped elsewhere and traders absconded.
Contacting Armoor Police Assistant Commissioner Venkateshwarlu Reddy said they had not received any complaints about cheating gold sales in Armoor. “We are verifying the details and registering the case upon receipt of the complaint,” he said.
Meanwhile, most victims did not file a complaint and perceived the troubles of the income tax department. Some others hope to wait for the problem to be resolved.
