Upendar Singh Madan faces fraud charges for alleged gold and jewel scam

An Indian ex-pat facing six fraud charges allegedly targeted members of his own community across south east Queensland, promising huge returns on investment in gold and jewels. Find out what is alleged.

An Indian ex-pat facing six fraud charges allegedly targeted members of his own community across south east Queensland, promising huge returns on investment in gold and jewels.

Upendar Singh Madan, 45, is accused of taking hundreds of thousands from people saying he could make big profits with gold and jewel investments in South Africa.

It is alleged the profits never materialised.

Madan has been charged with six counts of fraud and is to appear in the Southport Magistrates Court on May 10.

The 45-year-old is expected to contest the charge.

Upendar Singh Madan outside of court in March.

It is alleged Madan met one of the victims – Srinivasarao Vanama – in a Surfers Paradise Indian restaurant in May 2020.

Madan allegedly showed Mr Vanama pictures of diamonds and gold, a picture of Madan holding gold, pictures of him at a mine in Angola and mapping of different mines.

The business man said he had $100 million in diamonds to pay wages, it is alleged.

It is alleged Mr Vanama then agreed to purchase a kilo of gold bullion for $60,000.

Madan allegedly made up stories about why the gold was late and eventually provided Mr Vanama with the bullion.

On September 22, 2020 Mr Vanama allegedly agreed to buy 3kg of gold bullion for $175,000 and was told it would be available in five to six weeks.

About a month later Madan allegedly told Mr Vanama that he had ordered too much gold and he was short $30,000.

Mr Vanama allegedly transferred him the money.

It is alleged Madan stopped contacting the victim.

Madan allegedly met a Gold Coast taxi driver in his home in July 2020 and offered to make the driver $2000 profit in a month if they invested $5000.

In September 2020 the taxi driver allegedly made attempts to get his money back but Madan allegedly came up with numerous excuses.

Madan allegedly spoke to a second taxi driver in August 2020 and offered to invest $120,000 in gold for a profit of $24,000.

It is alleged Madan paid the second driver $144,000 in October 2020 when they threatened to go to police.

The second cab driver allegedly invested another $120,000 in gold but none of that money was paid back.

Madan allegedly stopped contact in December 2021.

It is alleged Madan also asked a high school friend – Jyotiba Vasant Patil – in early 2017 to invest $210,000 in gold which would be purchased cheaply in South Africa and sold for a profit in Australia.

Mr Patil had not been paid by October 2017, it is alleged.

Madan allegedly told him “the money has been delayed”.

Mr Patil has not got his money back, it is alleged.

He made a complaint to police in October last year.

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