Chennai: Chennai Police have arrested two more accused in connection with the alleged ₹6.3 million (₹63 lakh) fraud involving a wholesale gold jewellery trader, taking the total number of arrests in the case to six. Police have also recovered ₹4.505 million (₹45.05 lakh) in cash allegedly swindled from the victim. Investigators are now examining whether the group was involved in similar frauds elsewhere.
According to police, the victim, 24-year-old Anmol Jain from Aminjikarai, runs a wholesale gold jewellery business with his relative, Namith. On July 17, Namith was allegedly approached by two men who claimed they could supply gold at a price significantly below the prevailing market rate. The suspects asked the traders to bring ₹6.3 million in cash to complete the transaction.
As planned, Anmol met the suspects near Arumbakkam Metro Station, from where they took him to a commercial complex, claiming that the gold was stored there. Shortly afterward, four more men arrived on two motorcycles, indicating that the operation had been carefully planned in advance.
Police said Anmol handed over ₹6.3 million in cash to one of the accused, who immediately passed the money to another accomplice. When Anmol requested to inspect the gold, the suspects allegedly insisted that the cash had to be counted first before the consignment could be shown.
The accused then persuaded the victim to accompany them to another location near Gemini Flyover, claiming the gold was kept there. During the journey, one of the motorcycles carrying the cash sped away. When Anmol contacted one of the suspects by phone, he was allegedly told that another member of the group had met with an accident and was being taken to a hospital. Soon afterward, all the suspects switched off their mobile phones, prompting the victim to realise he had been defrauded. He subsequently lodged a complaint with the police.
Acting on the complaint, police arrested four accused on July 18, including Santhakumar (61), Sriram (23), and two others. Based on technical evidence and further investigation, officers later apprehended two additional suspects.
The latest arrests include 23-year-old Shakthivel of Perambur and 23-year-old Viswak of Kondithoppu. Police believe Shakthivel is the alleged mastermind behind the operation. Investigators are now trying to establish how the fraud was planned, how the money was distributed among the accused, and whether any other members of the gang remain at large.
Police have recovered ₹4.505 million of the stolen cash so far, while efforts are continuing to trace the remaining amount. Investigators are also examining the accused persons’ mobile phones, financial transactions, and communication records to determine whether they were involved in similar offences.
Preliminary findings suggest that the accused gained the victim’s confidence by offering gold at an unusually low price before executing the alleged fraud in a well-coordinated manner. Police have advised traders and members of the public to exercise caution while dealing with offers of precious metals or other high-value goods at prices substantially below market rates and to verify the credentials of sellers before making large cash transactions. Further investigation is underway.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
