Rajesh Agarwal, a 50-year-old businessman from Hyderabad, has reported being defrauded of ₹50.8 crore (approximately $6.1 million USD) in a scam involving alleged Nizam-era jewellery. The scheme began in 2016 when jeweller Mohd. Zakir Osman and businessman Sukesh Gupta approached Agarwal with claims of securing five sealed boxes of valuable jewellery, supposedly under government custody. They promised him a share in exchange for funding. Trusting their assurances, Agarwal signed a Memorandum of Understanding and transferred money in phases from June 2016 to February 2018. However, he later discovered he had been excluded from the deal and that the funds may have been misappropriated for other purposes. The Hyderabad police have registered a case against Osman and Gupta under relevant sections of the Indian Penal Code. The Economic Offences Wing is now investigating the legitimacy of the jewellery and the financial transactions involved.