Hyderabad, April 15 -- At least two people were booked for duping a businessman of Rs 50 crore in a jewellery fraud in Hyderabad.

The case dates back to 2016. According to reports, on April 9, the victim Rajesh Agarwal, a city-based businessman, approached the Central Crime Station and filed a complaint stating that Mohammed Zakir Osman, a businessman from Mustaidpura, and Sukesh Gupta, a jeweller from Basheerbagh, had taken the money from him, promising a share in the Nizam era jewellery.

Agarwal, who has multiple businesses, including real estate and financing, alleged that in 2016, Osman and Gupta had signed an MoU with him. The accused sought financial assistance from Agarwal to meet their legal expenses and secure the release of th...