HYDERABAD: The Market police on Tuesday busted an 18-member dacoity gang involved in a fake gold deal scam and recovered valuables worth over Rs 50 lakh. However, members of another gang which stole a portion of the loot, are absconding.
According to police, the victim, a Bowenpally resident, was lured with an offer to buy 1 kg of gold at a 5% discount, with payment in cash. After verifying the cash at his office, a group posing as Rachakonda SOT officers barged in, assaulted him and fled with cash and mobile phones.
The plot was masterminded by two brothers who posed as gold traders. They orchestrated the heist at a hotel meeting on June 18. During the staged deal, one of the accused impersonated a police officer and showed a fake ID to gain the victim’s trust before executing the fake raid.
In a bizarre twist, another group claiming to be vehicle recovery agents intercepted the robbers during their escape and stole the stolen cash, claiming their getaway bike was under EMI default. This led to clashes between the two groups.
Police arrested 18 suspects from Telangana and Andhra Pradesh. Seized items include Rs 43.21 lakh in cash, 57.193 grams of gold (worth approx. Rs 6 lakh), two cars, four two-wheelers and 23 mobile phones.
At least 10 more accused are absconding, including those who helped plan the fake raid.