Four arrested for cheating gold trader of ₹63 lakh in Chennai

Four held for gold investment fraud

The Chennai police have arrested four men for allegedly cheating a gold trader of ₹63 lakh. The arrests were made on Tuesday following a complaint lodged by the victim, a 45-year-old gold trader from T. Nagar.

The accused were identified as Ravi, 32, from Egmore; Suresh, 35, from Triplicane; and two others, Prakash and Ganesh, both residents of Puducherry. Police said they were part of a gang that targeted gold traders by promising higher returns on gold investments.

How the fraud unfolded

According to the police, the accused approached the victim in June and claimed they could get him gold at rates below market price. They said they had connections with a Dubai-based supplier and could deliver high-quality gold within days.

The victim paid them ₹63 lakh in multiple installments over three weeks. The accused kept delaying delivery, citing customs clearance issues and logistical problems. When the victim demanded his money back, they stopped answering his calls.

Realising he had been cheated, the victim approached the T. Nagar police station on 18 July.

Investigation and arrests

Police tracked the accused through bank transactions and mobile tower locations. They were arrested from different locations in Chennai and Puducherry on Tuesday morning. Two gold bars weighing 500 grams each and ₹12 lakh in cash were recovered from their possession.

Police suspect the gang may have cheated other gold traders in the city. The accused are being questioned to ascertain if they are part of a larger network.

“We are verifying their claims about the Dubai supplier. The modus operandi suggests they have done this before,” a police officer said on condition of anonymity.

Legal proceedings

The four accused were produced before a magistrate and remanded in judicial custody. They have been charged under sections 420 (cheating) and 120B (criminal conspiracy) of the Indian Penal Code.

Police have urged other traders who may have been cheated by the gang to come forward and file complaints.

Authorities are also probing whether the accused used the money for illegal activities. The investigation is ongoing.

What happens next: Police will seek custody of the accused for further questioning and are working to trace the remaining money and any other victims.