Hyderabad: 2 booked for Rs 50 Cr Nizam-era jewellery scam

Hyderabad: At least two people were booked for duping a businessman of Rs 50 crore in a jewellery fraud in Hyderabad.

The case dates back to 2016. According to reports, on April 9, the victim Rajesh Agarwal, a city-based businessman, approached the Central Crime Station and filed a complaint stating that Mohammed Zakir Osman, a businessman from Mustaidpura, and Sukesh Gupta, a jeweller from Basheerbagh, had taken the money from him, promising a share in the Nizam era jewellery.

Agarwal, who has multiple businesses, including real estate and financing, alleged that in 2016, Osman and Gupta had signed an MoU with him. The accused sought financial assistance from Agarwal to meet their legal expenses and secure the release of the treasure, allegedly stored in five jewellery boxes, from the custody of the commissioner of survey, settlement and land records.

The accused claimed that the jewellery belonged to Nawab Zahir Yar Jung, a former Jagirdar.

Money transferred to various bank accounts

The businessman transferred Rs 50.8 crore to the bank accounts of various companies owned by Gupta between June 10 2016, and February 28 2018.

However, when the Telangana government issued orders to release the jewellery boxes in 2017-18, the accused duo fraudulently secured them for themselves and even attempted to sell them, Agarwal alleged.

Based on the complaint, an FIR under IPC Sections 406 (punishment for criminal breach of trust) read with Section 34 (common intention), against Osman and Gupta.