HYDERABAD: The Central Crime Station of Hyderabad police has registered a case against two individuals accused of cheating a businessman of Rs 50.8 crore on the promise of securing the release of jewellery from government custody and giving him a share in it. The complaint alleges that the money was taken over a period of time under an arrangement that was later breached.
Alleged Promise of Share in Jewellery
The complainant, Rajesh Agarwal, said that in 2016, Md Zakir Osman and Sukesh Gupta approached him seeking monetary and administrative assistance to secure the release of five jewellery boxes from the custody of the Commissioner of Survey, Settlement and Land Records. He said they assured him that he would receive a share in the jewellery once it was released.
Believing the arrangement would be profitable and that he would be allotted a share in the jewellery boxes upon their release, Rajesh entered into a memorandum of understanding on October 3, 2016. Under the agreement, he undertook to provide monetary assistance exclusively for that purpose.
He later transferred Rs 50.8 crore to Aashi Realtors, MBS Jewellers Pvt Ltd and MBS Impex Pvt Ltd, which he alleged were owned, operated and managed by Sukesh Gupta. The transfers were made between June 2016 and February 2018.
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Release of Boxes and Dispute Over Funds
Rajesh alleged that after considerable effort and substantial financial investment, the Telangana government issued directions for the release of the jewellery boxes. He later came to know that Zakir Osman and Sukesh Gupta had allegedly made false representations and fraudulently secured release of the boxes solely in their own names, in breach of the memorandum of understanding.
He further alleged that they attempted to sell the jewellery boxes in violation of the agreement. In his complaint, he said the two men dishonestly misappropriated his funds and committed breach of trust by inducing him to invest money through false promises and by acting in criminal conspiracy.
Rajesh then approached the state government and also moved the Telangana High Court through a writ petition. In addition, he filed a civil suit before a local court in Hyderabad, seeking to restrain them from depriving him of his share in the jewellery boxes.
Police Register Case, Investigation Begins
During the pendency of the proceedings, Rajesh alleged that he discovered the funds transferred by him had been misused and were not utilised for securing the release of the jewellery boxes. He also said that in their pleadings, the two had admitted execution of the memorandum of understanding and acknowledged that the money invested was not used for its intended purpose.
Saying he had been induced to part with huge sums on the basis of their assurances, Rajesh approached Hyderabad police with allegations of misappropriation and cheating. Police have now registered a case and launched an investigation.
