A person, who allegedly duped a woman and fled with ₹48.50 lakh promising gold at a cheaper rate, was arrested by the police on Friday.

Kurnool Deputy Superintendent of Police J. Babu Prasad said the arrested person, R. Nagesh alias Nagireddy, hailed from Vijayanagar Colony in Hayathnagar of Telangana. He lured a woman from Sanathnagar in Hyderabad, Santoshamma, to give him ₹60 lakh with which he would purchase one kg of gold and sell it for ₹90 lakh, making her a profit of 30 lakh.

Believing his words, Ms. Santoshamma gave Nagireddy ₹48.50 lakh that she got from the sale of her house. Nagireddy brought Ms. Santoshamma and her husband to Kurnool in a rented car, and fled with the money after leaving them near the Sai Baba temple in the town.

Following a complaint filed on April 21, the Kurnool II Town police launched a hunt to nab the accused. They arrested Nagireddy in Hyderabad and recovered ₹45.91 lakh from him.

Superintendent of Police Vikrant Patel cautioned people against falling prey to persons who promise gold at a cheaper rate.