Penamaluru Police Register Case in Gold Coin Fraud

Penamaluru Police Register Case in Gold Coin Fraud Incident

A gold coin fraud involving ₹20.25 lakh has become a major talking point in Narasaraopet after a bus driver was allegedly cheated by unidentified persons. The victim, Tirupati Reddy, a native of Narasaraopet working as a bus driver in Vijayawada, was reportedly lured with an offer of gold coins at a lower price.

The incident began when his relative Narasimha Reddy informed him about gold coins available without bills through a contact in Penamaluru. He later introduced Tirupati Reddy to a person identified as Srinivasa Reddy, who allegedly promised to sell gold coins at a reduced price.

Video Call Used to Gain Trust

Tirupati Reddy contacted Srinivasa Reddy through a video call. During the call, the accused reportedly showed several gold coins, convincing the victim about the authenticity of the offer. The coins were claimed to weigh 20 grams each, with 17 coins valued at ₹37.40 lakh.

Tirupati Reddy and his relative Malla Reddy informed the accused that they had only ₹20.50 lakh in cash. The suspects then instructed them to come to the Ganguru outskirts near D-Mart in Penamaluru with the money.

Cash Taken, Accused Flee in a Car

On the 2nd of this month, the victims reached Penamaluru D-Mart carrying ₹20.50 lakh in cash. An unidentified person approached them and claimed the gold coins were in a car parked across the road. He asked them to hand over the cash bag and follow him to the vehicle.

As Tirupati Reddy and Malla Reddy attempted to collect the coins, two persons inside the car suddenly drove away with the money as per a pre-planned move. Tirupati Reddy tried to stop the vehicle by holding the door, but sustained injuries during the incident and was later shifted to the hospital.

Police Begin Investigation

Realizing they had been cheated, the victims lodged a complaint with Penamaluru police. A case has been registered, and an investigation has been initiated to trace the accused and recover the money. The incident has triggered concern locally due to the scale and planning involved in the fraud.

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