Cheap gold trap on Instagram, Gujarat cops bust fraud racket; arrest 5

Police in Gujarat's Kutch have busted an interstate fraud racket that cheated people across the country by promising to sell gold at prices far below market rates through Instagram.Five accused have been arrested, and police have seized genuine gold worth approximately Rs 1.5 crore, along with 15 fake gold biscuits used to dupe buyers.According to the preliminary investigation, the gang lured people through Instagram by offering gold at prices significantly lower than the prevailing market rate.To gain the confidence of potential buyers, the accused showed them genuine gold before handing over fake gold biscuits and fleeing with the money. During the operation, police recovered 1 kg of genuine gold valued at approximately Rs 1.50 crore and 15 fake gold biscuits .The seized items also included one Hyundai Creta, three two-wheelers and nine mobile phones used in the crime. The total value of the seized property was estimated at Rs 1,62,44,300.Police are examining the nine seized mobile phones and digital chats to establish the extent of the racket, identify other possible victims and trace the network's operations across states.- Ends