Gurugram man paid ₹2.49 crore for gold, ended up with brass coins; 4 arrested

Four men in Gurugram were arrested for cheating a resident of ₹2.49 crore and gold by selling fake coins, with a history of similar frauds.

Four men were separately arrested in Gurugram for allegedly cheating a resident of ₹2.49 crore in cash and over 580 grams of gold by passing off brass-coated coins as genuine, police said on Thursday.

Gang sold fake brass coins as gold, cheating victim of ₹2.49 crore. (Representative photo)

A case was registered at Sushant Lok police station on April 1, where the complainant alleged that on February 13, an unknown person approached him with an offer to sell gold and silver coins at cheap rates. The initial coins provided by the accused were verified as genuine, which helped build trust.

On March 2, the accused allegedly collected around ₹2.49 crore in cash—arranged by the complainant on interest—and about 50 tolas of gold from his residence in Sushant Lok, in exchange for what later turned out to be fake brass coins.

Explaining the modus operandi, deputy commissioner of police (crime) Hitesh Yadav said, “Members would pose as poor labourers, claiming they had unearthed gold coins during excavation work. They would request potential buyers to verify a few coins on their behalf, citing fear of police action. Once the coins were confirmed to be genuine, deals would be struck at rates significantly lower than market value—often ₹25–30 lakh per kilogram—creating a strong lure of profit.”

After gaining the victim’s confidence, the gang would deliver bulk quantities of gold-plated brass coins and flee, often travelling hundreds of kilometres to evade arrest, Yadav added.

Cheating history of the interstate gang

Two suspects—Solanki Prabhubhai Gulshanbhai alias Kalpesh alias Ravi, a resident of Vadodara, and Pankaj Sharma from Nihal Vihar in Delhi—were arrested on Sunday. The other two—Manish Kamlesh Shah and Ishwar Marwadi, both from Vadodara, Gujarat—were arrested on Wednesday.

During interrogation, police found that Prabhubhai had been involved in similar frauds for over 25 years, primarily in Mumbai and Gujarat. He has prior criminal cases registered against him, including two in Maharashtra and seven in Gujarat for cheating and related offences.

Police said the accused had amassed significant wealth through fraud, including purchasing a hotel—PM Hotel—on the Delhi-Mumbai road near Karjan Lakodra in Gujarat. He has reportedly married four times and even financed a Gujarati film titled “Love You.”

Investigators also said that the accused had previously duped individuals linked to Bollywood, including actor Aditya Pancholi and an aide of Salim Khan, allegedly cheating them of ₹25 lakh and ₹20 lakh, respectively.

Police have recovered ₹2.30 crore in cash and 678 grams of gold from the accused. Efforts are underway to identify and arrest other members of the gang, the officer said.