Businessman Loses Rs 2.7 crore in Hyderabad 'Fake iPhone, Gold Scam'

A businessman from the city was cheated to the tune of Rs 2.70 crore by a group of fraudsters who allegedly promised to supply Apple iPhones, electronic gadgets and gold at discounted prices, along with a lucrative franchise opportunity.

According to the police, the complainant from Begumpet came into contact with one Milan Singh Vanath in January 2024. The suspect introduced himself as a representative of a fake company with his father, Narendra Singh Vanath and another person, Darshan Chauhan, as partners.

The



trio allegedly claimed they could procure Apple iPhones, electronic goods and gold in bulk from Surat and Mumbai at prices lower than the market rate. They also promised to provide a franchise, convincing the businessman to invest Rs 2.70 crore.

Police said the suspects neither supplied the promised products nor provided the franchise. When the complainant sought a refund, they allegedly threatened him. Realising that he had been cheated, the businessman approached the Hyderabad Central Crime Station police and lodged a complaint on Monday.