Hyderabad, June 23 -- A 50-year-old man has been arrested by the Afzalgunj police for allegedly duping a real estate businessman in a fake gold deal.

The accused has been identified as Jaya Kumar, a resident of Manvi in Karnataka's Raichur district.

According to police, the accused, along with two other absconding associates, lured victims by offering "original gold" at half price.

The complainant, Munukuntla Niranjan, a real estate businessman from Choutuppal, was contacted in March by a man identifying himself as 'Reddy', who claimed he could arrange gold at a throwaway rate over a series of phone calls and meetings at Pedda Amberpet. Niranjan and his associate Dharmender struck a deal.

On May 12, as per Reddy's instructions, the ac...