Kutch: Gujarat Police have busted an interstate fraud racket that allegedly cheated buyers by offering gold at prices well below market rates through Instagram. Five people have been arrested in connection with the case, and police have seized genuine gold worth around ₹1.5 crore along with 15 fake gold biscuits.
According to the preliminary investigation, the accused approached potential buyers on Instagram with offers of gold at unusually low prices. To gain their trust, they allegedly showed them genuine gold during the initial interaction before handing over counterfeit gold biscuits and fleeing with the money.
During the operation, police recovered one kilogram of genuine gold valued at approximately ₹1.5 crore. The seizure also included 15 fake gold biscuits, a Hyundai Creta, three two-wheelers and nine mobile phones allegedly used in the racket.
The total value of the seized property has been estimated at ₹1,62,44,300.
Police are examining the seized mobile phones and digital conversations to determine the full extent of the alleged fraud, identify other potential victims and trace the network’s operations across state borders. Further details about the number of victims and the total amount allegedly defrauded have not yet been established.
