A very scary scandal of supposed fraud which emerged as a Bengaluru businessman was cheated of nearly ₹2 crore in gold buying fraud, including a jewellery store owner colluding with a participant.
The episode has raised concerns over illegal activity on the gold market as well as the alleged apathy of the police. Puneeth, a resident of Sarjapur and the victim, had agreed to purchase gold for a family wedding when faced with price drops in gold and low wastage charges to excuse the behaviour.
He was possibly taken from his relative, Savita Reddy, to the jewellery store, MP Jewellers, in HSR Layout. Savita Reddy allegedly persuaded Puneeth to purchase gold from the store for a lesser price and with low wastage fees, which was a complaint. Puneeth trusted her, so on March 27, he entered the shop, where he made a purchase for a total of ₹2 crore.
The shop owner, who some reports describe as being Indrachand, received the payment and told him to return the following day to bring the gold. But after Puneeth returned, he reportedly was told to call Savita Reddy. She also apparently directed him back to the shop owner when he approached her.
The back-and-forth then was speculation after the two men conspired with each other to defraud the victim. It is alleged that the victim found out later that he had discovered that Indrachand had previously committed similar fraud and had cheated various people before. He was also said to have preferred paying in cash to avoid being subjected to legal scrutiny, and Savita Reddy would discover who was inside the shop and guide the prospective victims.
Puneeth subsequently made a complaint at a local police station in HSR Layout. Though an FIR has been established, the victim has accused the police of not moving. He says that, despite abundant evidence, the accused person has not been arrested. He also said the accused is still openly running a jewellery shop even though he allegedly can’t afford bail because a judge has refused it.
It's become an outrage incident, and there are accusations that the police are too late to deal with it. There have been accusations of bias or inaction, and the victim questions whether justice is being meted out fairly. In their view, this was a difficult lesson for buyers even in a time when gold prices may range widely, and other, less expensive choices may be advertised widely. Experts say consumers should contact only authentic and accredited jewellers, avoid large amounts of cash and insist that goods be noted.
