Police in Hyderabad have arrested two people in connection with a massive jewellery fraud involving valuables claimed to be from the Nizam era, with the total scam estimated at around ₹50 crore.
According to officials, the accused allegedly cheated several victims by promising to sell rare and valuable Nizam period jewellery at attractive prices. They reportedly claimed that the ornaments were part of old royal collections and convinced buyers of their authenticity.
Investigators said the accused used fake documents and misleading stories to gain the trust of victims. In some cases, advance payments were collected, while in others, imitation jewellery was passed off as original antique pieces.
The fraud came to light after complaints were filed by victims who later discovered that the jewellery was either fake or not delivered as promised. Based on these complaints, police launched an investigation and tracked down the suspects.
Officials revealed that the accused had been operating the scam for some time and targeting people interested in antique collections and high-value investments. Police are now trying to identify more victims and trace the money involved in the fraud.
Authorities also suspect that more people could be linked to the racket, and further arrests are likely.
Police have urged the public to be cautious while dealing with high value antique items and to verify authenticity through proper channels before making any transactions.
The investigation is ongoing.
