Film Producer Arrested in Gold Scam After Allegedly Cheating Businessman of Rs 2.21 Crore
Hyderabad police arrested a former film producer accused of running a fake gold supply racket using misleading videos and false promises that allegedly cheated investors out of crores.
A former Telugu film producer has been arrested by Hyderabad Central Crime Station police for allegedly masterminding a large scale investment fraud by promising gold at unusually low prices. Investigators say the accused lured businessmen with convincing claims of overseas gold imports before disappearing with huge amounts of money.
The latest case came to light after a businessman from Sanath Nagar complained that he had been cheated of Rs 2.21 crore. According to police, the accused convinced the victim that he could arrange bulk gold consignments from Dubai and Sri Lanka through trusted international contacts. To strengthen his claims, he reportedly shared authentic looking videos of gold bars and assured timely delivery after customs clearance.
Once the money was transferred, the suspect allegedly cut off all communication and became unreachable. Acting on the complaint, a special CCS team tracked him using technical evidence and took him into custody. He has since been remanded after multiple charges were registered against him.
Police identified the accused as Lakshmikanth Reddy, a native of Mahabubnagar district, who had earlier been associated with the Telugu film industry as a producer. Investigators believe he later shifted into financial fraud schemes, targeting people looking for profitable investment opportunities.
Officials also revealed that this was not his first criminal case. He is already facing several cases across Telangana and Andhra Pradesh involving financial fraud, criminal intimidation and other serious offences. Investigators suspect he operated through a planned network and repeatedly used the same method to deceive victims.
The investigation is now focused on tracing the money collected from victims and identifying whether additional people were cheated through similar offers. Police have also advised the public to remain cautious of anyone promising gold at unrealistic prices, warning that such schemes are often designed to trap unsuspecting investors.
