Jewelry store proprietor arrested for melting gold price Rs. 1.50 crore
Mysore/Mysuru: With gold costs hovering by the day, incidents of dishonest within the title of gold by means of enticing schemes have risen significantly. Amid this pattern, the Police have cautioned the general public to stay vigilant towards fraudulent schemes.
A Vijayanagar-based gold store proprietor has been arrested for allegedly dishonest clients by providing gold loans at unusually low rates of interest and later absconding. The arrested accused has been recognized as T. Yogesh (30), Proprietor of ‘Star Gold Firm,’ situated at Trinetra Circle in Vijayanagar 2nd Stage in metropolis.
Based on the Police, Yogesh marketed gold loans at very low rates of interest, following which clients pawned their gold jewelry and availed loans.
Yogesh allegedly melted the pledged jewelry and offered the gold, thereby dishonest round 15 clients.
The accused is alleged to have made away with about 850 grams of gold jewelry, valued at roughly Rs. 1.50 crore, earlier than going into hiding. A case was subsequently registered and a manhunt was launched to hint him.
A case was registered in November 2025 at Vijayanagar Police Station beneath Crime No. 161/2025, invoking sections associated to dishonest and prison breach of belief beneath the Bharatiya Nyaya Sanhita (BNS) Sections 314, 316, 317, 316(2), 318(4), 319 and three(5).
Regardless of a number of notices being issued directing him to cooperate with the investigation, Yogesh allegedly failed to look and remained at giant.
On Friday, the Police traced and arrested him, produced him earlier than a Court docket and he was remanded to 14 days Judicial Custody, the Police mentioned.
The Police have urged the general public to stay vigilant towards fraudulent schemes and to confirm the credibility of economic establishments earlier than pledging valuables.
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