📷 Image: Wikimedia Commons / DesiBoy101
Crime
Chennai Gold Wholesaler Stolen Rs 63 Lakh in Fake Supply Scam; 4 Arrested
✍️ The Times of India
🗓 21 Jul 2026, 03:08 PM
👁 1
A Chennai-based gold wholesaler lost ₹63 lakh after a fake gold supply scheme, leading to the arrest of four suspects.
A gold wholesaler operating in Chennai reported a loss of ₹63 lakh after a fraudulent gold supply operation. The scheme involved the delivery of counterfeit gold bars that were misrepresented as genuine. The wholesaler had paid the full amount based on the supplier’s assurances and documentation.
Investigations revealed that the fake gold was supplied by a group that had previously been linked to similar scams in the region. The wholesaler’s financial records showed a sudden outflow of funds to the alleged supplier’s account.
Police arrested four individuals connected to the supply chain on Thursday. The arrests were made following a coordinated operation involving the Chennai Police and the Central Bureau of Investigation.
The police spokesperson stated that the investigation is ongoing and that further arrests may be made as more evidence is gathered. The wholesaler has expressed intent to seek compensation through legal channels.
Investigations revealed that the fake gold was supplied by a group that had previously been linked to similar scams in the region. The wholesaler’s financial records showed a sudden outflow of funds to the alleged supplier’s account.
Police arrested four individuals connected to the supply chain on Thursday. The arrests were made following a coordinated operation involving the Chennai Police and the Central Bureau of Investigation.
The police spokesperson stated that the investigation is ongoing and that further arrests may be made as more evidence is gathered. The wholesaler has expressed intent to seek compensation through legal channels.