Hyderabad Man Lured By 'Nizam-Era Jewellery' Promise, Loses Over Rs 50 Crore

In a high-value scam a Hyderabad businessman has alleged he was cheated of Rs 50.8 crore after being promised a share in rare "Nizam-era jewellery" that may not have existed at all.

Rajesh Agarwal, 50, told police that the deal began in 2016 when jeweller Mohd. Zakir Osman and businessman Sukesh Gupta approached him with what appeared to be a lucrative opportunity. They claimed they could secure the release of five sealed boxes of priceless jewellery linked to the Nizam era, said to be under government custody. In return for funding and support, they allegedly promised him a share in the assets.

Trusting them, Agarwal entered into a Memorandum of Understanding and transferred money in phases between June 2016 and February 2018 to firms allegedly controlled by Gupta. The total amount invested came to Rs 50.8 crore.

The victim alleged that he was cut out of the arrangement and received no share in the jewellery. He also alleged that the money was diverted for other purposes.

Investigators are now looking into whether the jewellery itself was real or simply used as bait to draw in investment.

Police said a case has been registered against two people, Zakir Osman and Sukesh Gupta under Section 406 (criminal breach of trust) read with Section 34 (common intention) of the IPC.

The case was booked at the Central Crime Station (CCS), Detective Department of Hyderabad, on April 9 following a written complaint filed by Agarwal.

The investigation has been handed over to the Economic Offences Wing (EOW), which is examining bank transactions, company records and the agreement signed between the parties.

Hyderabad police officials are also verifying claims about the origin and existence of the so-called Nizam-era jewellery.

Police said further action, including possible arrests and tracing of funds, will depend on the outcome of the ongoing probe.