Four fraudsters buy gold worth 26 lakhs with fake note bundles, nabbed by cops dressed as buyers

In a cinematic-style gold scam, Kolkata Police have arrested four men who allegedly defrauded a gold merchant by purchasing gold with bundles of fake currency. The scheme came to light in the Jorasanko area, where it was revealed that while the outer notes in each bundle were genuine, the rest were nothing but white paper, carefully hidden from view. The accused were caught in a strategic police operation following a complaint lodged in October.

The suspects, identified as Sitaram, Kanhaiya Lal, another Kanhaiya Lal, and Afridi Hussain, were apprehended after an investigation led by Kolkata Police's Lalbazar team. According to police reports, the alleged scam began when the accused bought gold worth Rs 26 lakh from a merchant in Jorasanko. However, instead of conducting the exchange inside the shop, they insisted on meeting discreetly outside on Mahatma Gandhi Road, supposedly to avoid attention. The fake bundles of Rs 500 notes, with only the first and last notes real, were exchanged for gold in what appeared to be a legitimate transaction.

Once the merchant realized the deception, he immediately filed a complaint, prompting Kolkata Police to launch a thorough investigation. As part of their probe, police officers posing as traders arranged a meeting with the suspects at Howrah Maidan, a bustling market area. During this undercover operation, the fraudsters were caught red-handed while attempting to repeat their tactic, using the same fake currency method to deceive the officers they believed to be new “buyers.”

All four accused were promptly arrested at the scene. It has been reported that three of the suspects are from Bikaner, Rajasthan, while one resides in Howrah, West Bengal. Police believe that the suspects may have used similar methods in previous fraudulent schemes and are currently investigating the extent of their operations.