Three persons were arrested today for allegedly cheating gold merchants to the tune of nearly Rs 3 crore, police said.
Officials said that the accused had bought gold on credit over a period of time from some merchants and then gave post-dated cheques when the merchants started pressurising them for payments.
The cheques bounced, police said, adding that the accused now owed these merchants Rs 2.8 crores.
Further investigations were underway and the accused will be produced before court, police informed.
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