Hyderabad News

Gold for half the market price: Find out how Hyderabadis get entrapped by gangsters

Gold for half the market price: Find out how Hyderabadis get entrapped by gangsters

Hyderabad: Of late some gangs from North India are on the prowl in Hyderabad, hunting for gullible people. It’s easier for them because people here have a craze for the yellow metal.

As reported by Deccan Chronicle, gangsters carry fake gold bricks and coins, offering people a chance to buy them at half the market price. They also give them a sample to check and confirm whether it’s actually gold — apparently slicing it off a gold brick — but indulge in the good old switcheroo when handing it over.

DC further quoted an investigation official saying, “They use a technique called palming — concealing an original gold piece in their hand and switching it quickly without being noticed either by the goldsmith or buyer.”.

The gullible buyers pay lakhs and buy the “gold”, only to realise later that all that glitters is not gold.

Even educated people fall prey to their tactics as in the case of Ayesha Kareema, a retired headmistress from Jubilee Hills, who bought two kg “gold” only to find that she had been cheated. She was offered gold for half the market price.

According to CCS DCP Avinash Mohanty besides Hyderabad the gangsters have also been active in Andhra Pradesh, Karnataka, Uttar Pradesh, Gujarat and Punjab for around five years now. The gang members introduce themselves as treasure hunters.

Another person Syed Zainul Abideen was contacted by the gang members and was given a sample, offering the gold cheap. He was asked to go to UP to collect the gold as they were still digging it out. When Zainul Abideen went to Mathura, he was given fake gold in exchange for Rs 4 lakh.