Delhi Businessman Loses ₹30 Lakh in Fake ‘Excavated Gold’ Scam; One Arrested

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A 59-year-old man has been arrested for allegedly defrauding a Delhi businessman of ₹30 lakh by selling fake “excavated gold” in a well-planned scam, the police said on Monday. The accused, identified as Mohan Rai from Uttam Nagar, was caught while his two accomplices remain on the run.

A 59-year-old man has been arrested for allegedly defrauding a Delhi businessman of ₹30 lakh by selling fake “excavated gold” in a well-planned scam, the police said on Monday. The accused, identified as Mohan Rai from Uttam Nagar, was caught while his two accomplices remain on the run.

According to Additional DCP Akanksha Yadav, the scam came to light when businessman Gaurav Soni from Paschim Vihar was tricked into purchasing what he believed to be genuine gold. The fraudsters first lured him by selling two golden pearls, which tested as 78% pure gold. Convinced of their authenticity, Soni agreed to buy a 2 kg gold necklace set for ₹80 lakh.

On November 20, 2023, Soni was introduced to the fraudsters—two men posing as a father and son, along with a woman referred to as “mother”—through Ramesh Sharma, a hardware shop owner. The gang claimed they had found the gold while digging at their home in Mathura.

Believing their story, Soni paid ₹30 lakh upfront and planned to pay the remaining amount after further verification. However, upon closer scrutiny, he discovered the necklace was fake. When he tried to contact the fraudsters, he found their phones switched off.

Realizing he had been duped, Soni lodged an FIR at Palam Village Police Station on December 25, prompting an investigation. The police analyzed over 100 mobile numbers and IMEI records before tracking down and arresting Mohan Rai on March 3.

During interrogation, Rai admitted to orchestrating the scam along with his accomplices, Babu Lal and Lakshmi, who supplied the fake gold. He revealed that he personally received ₹9.5 lakh from the fraudulent transaction. The police have recovered ₹1.70 lakh from his possession and are continuing their search for the other suspects.

The investigation is ongoing, and authorities have urged citizens to exercise caution when dealing with unverified gold transactions.

Sources By Agencies

108 thoughts on “Delhi Businessman Loses ₹30 Lakh in Fake ‘Excavated Gold’ Scam; One Arrested

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