Hyderabad Cybercrime police nab Chennai man in cryptocurrency fraud

The fraud came to light after a man from Jubilee Hills was cheated by Ramakrishna to the tune of Rs 8.5 lakh in cryptocurrency fraud.

Hyderabad: The Hyderabad Cybercrime police arrested S Ramakrishna Reddy (41) from Chennai on charges of cheating people on pretext of trading through his crypto currency exchange company – Bitcoin India Software Services Pvt. Ltd.

The fraud came to light after a man from Jubilee Hills was cheated by Ramakrishna to the tune of Rs 8.5 lakh in cryptocurrency fraud.

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According to the police, Ramakrishna Reddy along with his brother conspired to cheat people, particularly cryptocurrency traders across India and make easy money.

As per the plan, they opened a company called Bitcoin India Software Services Pvt. Ltd. and created crypto currency application “Bitcoin India Wallet and Exchange” and website “https://bitcoin-india.org/en”.

“When the crypto currency trading customers purchased cryptocurrency through his platform, he deducts all the funds of the customer on the name of maintenance fee and other expenses and showed the balance as zero,” said a cybercrime official.

When the customer tries to contact them, they avoid them and go into hiding.