Hyderabad man held for duping elderly couple of Rs 48.5 lakh in gold scam

Tirupati: The Kurnool police have arrested a resident of Hyderabad, Nagi Reddy, for duping an elderly couple, Santoshamma and her husband, to the tune of Rs 48.5 lakh in a gold investment scam. Reddy had promised the couple that he would buy gold at a low rate and sell it at a higher rate, earning them a profit of Rs 30 lakh.
The elderly woman, Santoshamma, from Sanath Nagar, had pooled in Rs 48.5 lakh after her husband sold one of their properties. Reddy took Santoshamma and her husband, Srisailam, to Kurnool and dropped them off at the local Sai Baba temple, absconding with the cash bag on April 19.
Following a complaint lodged by the victim couple, the Kurnool II town police registered a case on April 21 and arrested Nagi Reddy in Hyderabad. The police recovered Rs 45.9 lakh in cash from the accused.