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Divine Gold Scam: Goldsmith Loses Rs 1.3 Crore
8 Oct
Summary
- A fake Ayurvedic practitioner promised divine gold, leading to a major scam.
- The goldsmith sold assets and borrowed money, totaling Rs 1.3 crore for the gold.
- The accused disappeared after receiving the funds, leaving the victim in debt.
A Bengaluru goldsmith fell victim to a sophisticated scam, losing approximately Rs 1.3 crore to an imposter claiming to have divine gold. The accused, Bhootam Lingayya, a self-proclaimed Ayurvedic practitioner from Telangana, met K Selvaraja Achari about two and a half years ago.
Lingayya initially built trust by providing medicines. He later persuaded Selvaraja to invest in a gold business, claiming he had 5kg of gold obtained through divine blessings. To prove his claims, Lingayya presented a small, tested gold coin as a sample, further solidifying Selvaraja's belief.
Over several months, Lingayya extracted around Rs 1.3 crore from Selvaraja through various payment methods, including digital transfers and cash. To fund these payments, Selvaraja sold 380 grams of gold, a plot of land measuring 1 acre and 24 guntas for Rs 25 lakh, and borrowed from acquaintances.
After making the payments, Lingayya disappeared, claiming he had gone to his hometown. He was last seen on April 15 and later contacted Selvaraja on September 1, making further false promises. Realizing he had been deceived, Selvaraja reported the incident to the City Market police.
