APNEWS
Man Tries to Settle ₹1.3 Lakh Loan with Gold‑Painted Gravel in Nizamabad
A resident of Hamalwadi attempted to clear a ₹1.30 lakh debt by handing over gravel coated in metallic gold paint, claiming it was ancient treasure. The fraud was uncovered when the creditor inspected the “gold stones” and reported the case to Dichpally police, who have now opened a cheating investigation.
By Open Vaartha Desk ·
TL;DR
A creditor was duped with gold‑painted gravel offered as treasure to settle a ₹1.30 lakh loan, prompting a cheating case in Nizamabad.
Key points
- Ramesh lent Srinivas ₹1.30 lakh in Nizamabad town
- Srinivas demanded an extra ₹32,000 to "finalise" the treasure transfer
- Four earthen pots contained gravel coated in metallic gold paint, not real gold
- The fraud was reported to Dichpally police, who have opened a cheating case
- Police are actively searching for Srinivas to file charges
<p>Nizamabad district witnessed a peculiar fraud case this week when Srinivas, a resident of Ghanpur village in Dichpally Mandal, tried to repay a ₹1.30 lakh loan to Ramesh, a Hamalwadi native, with what he described as "gold stones" recovered from a hidden treasure.\n\nAccording to police sources, Ramesh had repeatedly asked Srinivas for repayment of the loan. In response, Srinivas concoced a scheme, convincing Ramesh that he had unearthed a cache of precious gold‑coloured stones and would hand them over as full settlement. To lend credibility to the ruse, Srinivas asked Ramesh to travel to Ghanpur and bring an additional ₹32,000 in cash, insisting the extra amount was needed to finalize the transfer of the supposed treasure.\n\nWhen Ramesh arrived at the designated spot, Srinivas presented four small earthen pots, each purportedly containing the coveted gold stones. A close inspection revealed the items were ordinary construction gravel merely coated with metallic gold paint, giving them a deceptive shine. Realising he had been duped of both the original loan and the extra cash, Ramesh filed a complaint with the Dichpally police station.\n\nPolice have registered a case of cheating and fraud against Srinivas and have launched a search operation to locate and apprehend him. The incident underscores the prevalence of low‑tech scams that exploit trust and the allure of quick wealth, prompting local law enforcement to warn citizens against unverified treasure claims and to verify the authenticity of any settlement offered in lieu of monetary repayment.</p>