Hyderabad: A city-based businessman approached police earlier this month, alleging that another businessman and a jeweller had cheated him of over Rs 50 crore on the pretext of offering him a share in Nizam-era jewellery.Based on Rajesh Agarwal’s complaint, CCS police registered a case against the accused duo — Md Zakir Osman, a businessman from Mustaidpura, and Sukesh Gupta, a jeweller from Basheerbagh — on April 9 and launched an investigation. Gupta is already embroiled in a money-laundering case being probed by ED, police stated.Agarwal (50), a resident of Banjara Hills and engaged in multiple businesses, including real estate and finance, alleged that the accused duo had signed an MoU with him in 2016, assuring him a share in jewels caught in a legal tangle. Osman and Gupta sought financial assistance from Agarwal to cover legal expenses and secure the release of the treasure, allegedly stored in five jewellery boxes, from the custody of the commissioner of survey, settlement and land records. The accused duo even claimed that the jewels belonged to Nawab Zahir Yar Jung (a former jagirdar), Agarwal alleged.Agarwal transferred Rs 50.8 crore between June 10, 2016, and Feb 28, 2018, to bank accounts of multiple real estate and jewellery companies operated by Gupta, a CCS officer said. However, when Telangana govt issued orders to release the jewellery boxes in 2017-18, the accused duo fraudulently secured them in their own names and even attempted to sell them, Agarwal alleged.“When the complainant filed a case before the city civil court in 2018 against dishonouring of the MoU, he got to know that the funds he had transferred to the accused were diverted for other purposes. They were not used to secure the release of the jewellery boxes,” the officer said.Earlier this month, Agarwal finally approached CCS police, who registered an FIR under IPC Sections 406 (punishment for criminal breach of trust) read with Section 34 (common intention) against Osman and Gupta. “We are collecting information and will also record the statements of the accused soon,” said a CCS officer, adding, “We are unaware of the contents of the five jewellery boxes or their value. As per our understanding, they are in a bank, under govt custody.“
