Hyderabad: In a major financial fraud case from Telangana’s capital, a businessman along with 10 other individuals has allegedly been cheated of ₹2.96 crore in a fake gold investment scheme. The accused reportedly promised unusually high returns on gold investments and later fled after collecting large sums from multiple victims.
According to the complaint filed by 41-year-old businessman Akhil Kumar Jain, the fraud began through personal acquaintance. Jain stated that he previously resided in Gagan Mahal, Domalguda, where one of the accused, Parag Kumar Kaserwal, lived nearby. Parag allegedly introduced himself as a software engineer, while his wife Anushri claimed to be a legal professional. Together, they built trust among residents and potential investors.
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How The Scam Grew
The accused allegedly persuaded Jain to invest in a gold-based investment scheme, assuring him of high and stable returns. Believing their claims, he initially invested ₹21.45 lakh between April and July 2025. The scheme appeared legitimate in the early stages, further strengthening his confidence.
However, in October 2025, when Jain sought returns on his investment, he was allegedly told that gold prices had fallen and that he should wait for better market conditions. He was reportedly assured that losses would be compensated later.
As months passed, repeated requests for returns were delayed. By February 2026, Jain demanded either the return of gold and silver investments or a refund of his money. He was again allegedly assured repayment, but no funds were returned.
Victims And Escape
The situation escalated on March 28, 2026, when Parag Kumar Kaserwal, his wife Anushri, and his mother Nirmala allegedly left their residence in the early hours of the morning. Soon after, Jain realized that he had been cheated and began investigating the matter.
During his inquiry, Jain discovered that at least 10 other individuals had also been duped using a similar method, bringing the total alleged fraud amount to ₹2,96,49,683. The victims were reportedly lured in through personal connections and promises of high returns linked to gold and silver investments. Following the complaint, police registered a case and initiated an investigation into the alleged fraud network. Officials are currently tracing financial transactions, communication records, and the movement of the accused.
Preliminary findings suggest that the accused operated in a coordinated manner, using fabricated professional identities to gain credibility among investors. They allegedly created a false sense of security by initially maintaining trust and offering explanations for delayed returns. Investigators are also examining whether the accused had diverted funds through multiple accounts or channels before fleeing. Cyber and financial forensic teams are analyzing digital evidence, including bank statements and transaction trails, to map the flow of money.
Police sources indicated that the scale of the fraud suggests a structured investment scam rather than an isolated incident. Efforts are underway to locate the accused and identify whether more victims were targeted across Hyderabad and surrounding areas.
Officials have also advised the public to exercise caution while investing in informal schemes, especially those promising unusually high returns without regulatory backing. Authorities stressed that legitimate investment opportunities are always supported by proper documentation and verified financial institutions.
The investigation remains ongoing, and further details are expected as authorities continue to track the accused and recover financial evidence linked to the case.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
