A major alleged gold fraud worth nearly ₹2 crore has surfaced in HSR Layout, raising concerns over consumer trust and safety in the jewellery sector.
Puneeth, a resident of Sarjapur, has accused a jewellery shop owner and his associate of cheating him after promising gold at unusually low prices with minimal wastage charges.
Wedding purchase led to huge loss
According to the complaint, Puneeth was planning to buy gold for a family wedding when a relative introduced him to a jewellery store identified as MP Jewellers in HSR Layout.
He alleged that the owner assured him gold would be sold below market price. Believing the offer, Puneeth reportedly entered into a deal worth around ₹2 crore on March 27.
He was allegedly asked to return the next day to collect the gold. However, when he revisited the shop, he claimed he received evasive replies instead of delivery.
Victim alleges planned cheating
The complainant said he was repeatedly asked to contact the relative, while she allegedly redirected him back to the shop owner. This raised suspicion that both individuals may have acted together.
He has further claimed that similar frauds may have been committed against others through cash-based transactions, making it difficult for investigators to trace the money trail.
FIR registered, probe underway
Police have reportedly registered a case and begun an investigation. The victim has alleged slow progress and claimed the accused continue to operate openly.
Authorities are now examining transaction records, financial documents and possible links to other victims.
Trust concerns grow
Experts say such incidents damage confidence in the jewellery industry, where many high-value purchases depend on reputation and trust.
Consumers are advised to verify credentials, insist on bills, use secure payment methods and avoid deals that appear unrealistically cheap.