Cash, gold worth Rs 2.5 crore seized from man arrested for cheating
Bengaluru, Jul 8 (PTI): Gold ornaments and cash worth Rs 2.5 crore was seized from a man who has been arrested for allegedly cheating a jewellery shop owner in Jayanagar here, police said on Tuesday.
With his arrest, police claimed to have recovered 3.16 kg of gold ornaments and Rs 8.53 lakh in cash from him.
The complainant approached Jayanagar Police Station on June 13, police said.
In his complaint, the jewellery shop owner stated that for the past four years, he had been giving gold bars from his shop to a person who runs a gold melting and ornament-making unit in Jayanagar, to make various styles of ornaments as instructed.
According to police, Similarly, during the period from April 29 to June 4, he handed over a total of 8 kg 351 grams of gold bars to the same person.
However, the person received the gold but failed to return the crafted ornaments and allegedly defrauded the complainant.
Giving details about the case during a press conference here, Bengaluru Police Commissioner Seemanth Kumar Singh said that in this case, the jewellery shop owner had given gold to the accused to make ornaments. He received the entire gold in a period of about 40 days. Afterwards, when he had to return the completed ornaments, he escaped.
The accused was not responding to calls. So the jewellery shop owner preferred a complaint that the concerned person was missing with their gold, he said.
"Based on that complaint, police registered a case and recovered gold and cash worth Rs 2.5 crore. The accused has been arrested and we are verifying if he was previously involved in any other such activities," Singh added.
During detailed interrogation, the accused revealed that while he had stored a small portion of the gold bullion at his residence, he had sold the remaining, police said.
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Rupee hits record low of 96.14/USD, settles at fresh closing low of 95.86/USD
Mumbai (PTI): The Indian rupee crashed below the 96/USD mark on Friday before closing at an all-time low of 95.86 (provisional) against the US dollar as elevated crude oil prices and inflation concerns added to the downside pressure on the rupee.
Rupee has registered over 6 per cent losses so far this year, and in the past six trading sessions, it has depreciated nearly 2 per cent as Iran war risk escalation pushed crude oil prices higher. The dollar index moved northwards after strong US retail sales and stable labour market data reduced expectations of aggressive Federal Reserve rate cuts.
Forex traders said global uncertainties, relatively high valuations, and the lack of AI-led investment opportunities have weighed on capital flows.
Moreover, weak net FDI inflows are likely to exert pressure on the balance of payments, while rising crude oil prices stoke inflation worries.
At the interbank foreign exchange, the rupee opened at 95.86, then slumped to a record low of 96.14 in intraday trade, registering a fall of 50 paise from its previous close.
The USD/INR pair finally settled at 95.86 (provisional) against the US dollar, registering a fall of 22 paise from its previous close, helped by likely RBI intervention.
On Thursday, the rupee weakened to a fresh record low of 95.96 before closing with a marginal gain of 2 paise at 95.64 against the US dollar.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 99.15, higher by 0.34 per cent.
Brent crude, the global oil benchmark, was trading up 3.14 per cent at USD 109.04 per barrel in futures trade.
On the domestic equity market front, Sensex fell 160.73 points to settle at 75,237.99, while Nifty declined 46.10 points to 23,643.50.
Foreign Institutional Investors turned net buyers, purchasing equities worth Rs 187.46 crore on Thursday, according to exchange data.
Meanwhile, the country's exports in April rose by 13.78 per cent to USD 43.56 billion despite global challenges, Commerce Secretary Rajesh Agrawal said on Friday.
Imports grew 10 per cent year-on-year to USD 71.94 billion in April. The trade deficit during the month stood at USD 28.38 billion.
"We expect the rupee to trade with a negative bias on elevated crude oil prices and inflation concerns. Strong dollar and FII outflows may also weigh on the rupee. However, any intervention by the RBI and hiking of import duty on gold and silver may support the rupee at lower levels. USD-INR spot price is expected to trade in a range of 95.60 to 96.20," said Anuj Choudhary, Research analyst at Mirae Asset ShareKhan.
Chinese President Xi Jinping and his US counterpart Donald Trump on Friday hailed their talks as "historic" and "landmark", as the American leader wrapped up his three-day visit on a high note, but no deals on any contentious issues were announced.
Both Presidents, who held several rounds of talks covering a range of global issues, including the Iran war and bilateral trade frictions, concluded their discussions with a private meeting at Zhongnanhai, the well-guarded compound in Beijing where top leaders reside.
