Digital currency fraud: Man arrested for duping people to tune of crores in Hyderabad

The arrested person BN Satish, a native of Bengaluru along with his associate A Venkata Chalapathi had set up an office at KPHB colony and lured people with investment in ‘X coins’ digital currency trade

Hyderabad: The Cyberabad Economic Offences Wing arrested a man for allegedly duping people to the tune of crores on the pretext of high investment in digital currency trade.

The arrested person BN Satish (35), a native of Bengaluru along with his associate A Venkata Chalapathi had set up an office at KPHB colony and lured people with investment in ‘X coins’ digital currency trade.

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He assured a profit in a ratio of 1:1 for three months on investment and 1:4 for one year investment in the business. The alleged conmen named their currency as ‘XITO Currency.’ Satish and Chalapathi were assisted by Raju, Prasad, Venkat and Jyothi in their work.

“Lured by the offer, around 200 people from the two Telugu States of Telangana and Andhra Pradesh invested close to Rs 2 crore in the company floated by Satish. After realizing they were duped, the victims approached the police,” said M Hussaini Naidu, ACP EOW Cyberabad.

A victim who lost Rs. 6.50 lakh in the fraud approached the police who registered a case and after investigation arrested Satish. The company had its main office in Bengaluru.