Hyderabad cops arrest AP man for cheating friend to tune of Rs 20 lakh

Hyderabad: The Petbasheerabad police arrested a man from Andhra Pradesh on charges of cheating his friend to the tune of Rs 20 lakh promising high returns on crypto currency investments here on Saturday. The suspect identified as P Ravi Teja (27), a private employee from Vijayawada of Andhra Pradesh, has been into crypto currency investments […]

Hyderabad: The Petbasheerabad police arrested a man from Andhra Pradesh on charges of cheating his friend to the tune of Rs 20 lakh promising high returns on crypto currency investments here on Saturday.

The suspect identified as P Ravi Teja (27), a private employee from Vijayawada of Andhra Pradesh, has been into crypto currency investments business for over a year. Police said Ravi Teja, collected money to the tune of several lakhs from people promising high returns for investments on crypto currency.

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Recently, he cheated a resident from Petbasheerabad in the similar way and absconded with Rs 20 lakh.

Based on a complaint, the Petbasheerabad police booked a case and with the help of technical evidence, traced Ravi Teja and arrested him.

“The victims invested the money in installments and the fake website created by the fraudster showed high returns. However, they could not withdraw the money and realised they were cheated,” said an official.

Efforts are on to identify if there are any other victims of the fraud.