The Hubballi Suburban police have arrested two men for allegedly running a gold coin scam that cheated several people out of large sums of money. The accused, identified as Abid Pasha and Fairoz Nadaf, were found selling fake gold coins disguised as genuine at discounted rates.
The arrests were made after multiple victims approached the police with complaints. According to investigators, Pasha and Nadaf posed as agents claiming to sell “pure gold” coins at prices lower than the market. They told buyers the coins were from pawned heirlooms or unclaimed donations from temples.
The duo mainly operated in busy marketplaces and residential areas, targeting people interested in investing in gold. To gain trust, the accused would first show a real gold coin as a sample. Once buyers were convinced, they would hand over money in exchange for several coins, which later turned out to be fake.
The coins looked authentic to the eye, featuring fake hallmark stamps and polished surfaces that closely resembled real gold. However, forensic testing revealed the coins were made of brass alloy with a gold-like coating.
Deputy Commissioner of Police (Law and Order) Renuka Sukumar confirmed the arrests and said, “This appears to be part of a larger inter-district racket, and we are investigating possible links to similar complaints reported in Dharwad and Belagavi.” A case has been registered under IPC Sections 420 (cheating) and 489A (counterfeiting).
Police have warned the public not to fall for such scams and to avoid buying gold from unknown sellers or street vendors. Officials recommend purchasing only from licensed jewellers or verified platforms to ensure authenticity.
The two accused are currently in custody, and further investigations are ongoing to trace their network and any other people involved in the scam.
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