Vijayawada Bus Driver Falls Victim to ₹20.25 Lakh Gold Coin Fraud as Prices Soar
In a distressing incident highlighting the risks of informal gold transactions, a bus driver in Vijayawada was duped of ₹20.25 lakh by fraudsters promising discounted gold coins. This case emerges against the backdrop of skyrocketing gold prices, which have made the precious metal increasingly unaffordable for ordinary buyers, creating fertile ground for such scams.
How the Elaborate Scam Unfolded
The victim, identified as Tirupati Reddy from Narasaraopet, works as a bus driver in Vijayawada. He was approached by a man calling himself Srinivasa Reddy, who claimed to have access to gold coins without bills at significantly lower prices than the market rate. To build credibility, the accused even conducted a video call to display the coins, making the offer appear legitimate.
The fraudster proposed selling 17 gold coins, each weighing 20 grams, for a total of ₹37.40 lakh. Unable to arrange the full amount, Tirupati Reddy, along with his relative Mallareddy, agreed to pay ₹20.50 lakh initially. They were instructed to bring the cash to a specific location in Gangur, within the Tadigadapa municipal limits.
The Deceptive Handover and Escape
At the designated spot, an accomplice of the main accused collected the cash bag and directed the victims to a car where the gold coins were supposedly stored. However, before Tirupati Reddy could retrieve the coins, Srinivasa Reddy and another aide sped away with the money. In a desperate attempt to stop them, Tirupati Reddy clung to the car door, resulting in injuries as the vehicle accelerated.
Following the incident, Tirupati Reddy lodged a formal complaint with the Penamaluru police. Authorities have registered a case and are actively investigating to trace the accused individuals involved in this sophisticated fraud.
Police Warning and Broader Implications
In response to this case, the Penamaluru police have issued a caution to the public, urging vigilance against gold deals that lack proper bills or documentation. They emphasized that such offers, especially during periods of high gold prices, are often too good to be true and should be approached with extreme skepticism.
This incident underscores a growing trend of financial scams exploiting the current economic climate, where rising gold prices have left many consumers seeking cheaper alternatives. It serves as a stark reminder to verify the authenticity of sellers and insist on legal documentation in all transactions involving valuable assets like gold.
