Jeweller Absconds with Rs. 10 Crore Worth Gold in Hyderabad, Massive Fraud Uncovered

NEWS CHARIOT:-A massive gold fraud has rocked Pragathi Nagar in Hyderabad, where a jeweller allegedly vanished with gold and ornaments worth nearly Rs. 10 crores. The accused, identified as Nitesh Jain, had been running a jewellery business under the name Chetan Jewellers in the Bachupally area.

According to police and victim reports, Jain had been accepting gold from customers to craft customized ornaments. He gained the trust of numerous customers over time through his prompt services and seemingly professional conduct. However, on May 10, he abruptly shut down his shop and has been missing since, triggering panic among customers and business associates.

Several victims rushed to the shop upon learning of his disappearance, only to find it closed without any prior notice. Shocked and distressed, they filed formal complaints at the Bachupally Police Station.

The scope of the fraud appears to extend beyond individual customers. Reports indicate that other jewellers had supplied gold to Jain on credit, which he allegedly failed to return. Additionally, several individuals had reportedly pawned gold or lent cash to Jain at high interest rates. Victims claim he ran multiple investment schemes, promising attractive returns, which lured many innocent investors.

Nitesh Jain had been operating his business in the KPHB Colony and Bachupally areas and was known locally as a trusted jeweller. The betrayal has therefore come as a severe blow to his clientele and peers in the trade.

The Bachupally police have registered a case and launched an investigation into the incident. Special teams have been formed to trace Jain, who remains absconding. Authorities are also verifying the full extent of the financial damage and the number of victims involved.

The incident has created a wave of concern in the locality, especially among small investors and local traders, highlighting the need for better verification and regulation in private gold and jewellery dealings.

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