Hyderabad Nizam Jewellery Fraud: ₹50.8 Crore Cheating Case Surfaces, CCS Police Probe Businessman

A massive Nizam jewellery fraud case in Hyderabad has come to light, involving an alleged cheating of ₹50.8 crore in the name of the historic Nizam Nawabs’ jewellery. The case has created a sensation across the city, with businessman Sukesh Gupta emerging as a key figure.

The complaint was filed by Rajesh Aggarwal, a businessman from Banjara Hills, Hyderabad, following which the Hyderabad CCS Police registered a case and began an investigation.

How the Nizam Jewellery Fraud Was Carried Out

According to police, the accused allegedly convinced the victim that five valuable jewellery boxes from the Nizam era were under government custody and could be released for sale, promising huge profits.

• Victim: Rajesh Aggarwal (Banjara Hills)
• Main Accused: Zakir Usman, Sukesh Gupta
• Location: Basheerbagh jewellery showroom and other locations
• Deal Year: 2016
• Fraud Amount: ₹50.8 crore

The accused reportedly demanded ₹10,000 crore funding for the release of the jewellery and collected ₹50.8 crore from the victim.

Funds Diverted to Private Companies

Investigations revealed that the collected money was not used for any jewellery release process. Instead:

• Funds were transferred to real estate and jewellery company accounts
• No legitimate transaction regarding Nizam jewellery took place

The victim later realized the fraud and approached the police.

Case Registered, Legal Sections Invoked

The Hyderabad CCS Police have registered a case under:

• IPC Section 406 – Criminal breach of trust
• IPC Section 34 – Common intention

Police are currently investigating the financial trail and possible involvement of others.

Mystery Around Nizam Jewellery Boxes

A major aspect of the case revolves around the five jewellery boxes:

• Allegedly contain high-value Nizam-era ornaments
• Reportedly stored in a government-supervised bank locker
• Exact value remains unknown (possibly hundreds or thousands of crores)

There are also allegations that the accused attempted to fraudulently claim ownership rights over these assets in the past.

Previous Allegations Against Sukesh Gupta

Sukesh Gupta has been linked to earlier financial controversies:

• Alleged involvement in MMTC-related gold scam
• Enforcement Directorate (ED) conducted raids and seizures
• Accused of diverting funds through multiple firms

These past allegations have added further seriousness to the ongoing investigation.

CCS Police Probe Continues

The Hyderabad CCS Police are focusing on two key aspects:

• Tracking how the ₹50.8 crore was utilized
• Investigating how the accused claimed access to Nizam jewellery

Authorities are also examining whether any officials were involved.

Nizam Jewellery Fraud Raises Serious Questions

The Hyderabad Nizam jewellery fraud case involving ₹50.8 crore, with names like Sukesh Gupta and Zakir Usman, has raised serious concerns in business circles. As the CCS police investigation continues, the case is expected to uncover deeper details about the alleged scam and the mystery surrounding the Nizam’s historic wealth.

Follow MunsifNews24x7 for latest updates.