Hyderabad's 'Gold Man' Unmasked: Flashy Jewelry Claims Worth Rs 1 Crore Actually Valued at Rs 3 Lakh
Income Tax officials in Hyderabad have unmasked a local figure who built a reputation around wearing gold jewelry allegedly worth one crore rupees, revealing the ornaments to be mostly imitation pieces valued at a mere three lakh rupees.
The individual, publicly recognized as 'Old City Gold Man' Surya Bhai, was identified as 34-year-old Pallapu Suresh Kumar from Attapur. His case emerged during a broader investigation into conspicuous displays of wealth, initially targeting Konda Vijay Kumar, president of the Telangana Hockey Association, from whom genuine gold items weighing 1.4 kg were seized at Delhi airport.
When summoned, Surya Bhai presented twelve jewelry items and initially asserted their collective worth was approximately one crore rupees. However, under questioning, his estimate dropped drastically. A subsequent official valuation fixed the total value at around three lakh rupees.
Examination showed the majority of the items were crafted from copper with gold-colored or rhodium plating. Only one piece was silver with a gold finish.
Investigators detailed how Surya Bhai meticulously constructed an image of opulence. He regularly appeared in YouTube interviews and social media videos, often dressed in white and adorned with large chains, rings, and bracelets. The facade required frequent changes of jewelry, not for fashion but because the thin gold or rhodium coating wore off with use. Officials noted he employed at least thirty-two fake pieces across various public appearances.
Prior to the probe, in multiple interviews, Surya Bhai had directly denied wearing imitation jewelry when questioned about authenticity.
A review of his financial records starkly contrasted with his projected persona. He had not filed income tax returns for six years, except for the 2022-23 fiscal year where he declared an income of 4.9 lakh rupees. This income reportedly stemmed from operating a gym, running a chicken shop, and working as a trainer.
Further inquiry revealed he owns no immovable property in his or his wife's name. He resides in a rented apartment with a monthly rent of 20,000 rupees.
No arrests have been made to date. However, authorities have formally requested he provide comprehensive details regarding his assets and the sources of his income.
