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Home | News | Rs 50 Crore Bitcoin Mlm Scam Busted In Nirmal Cops Former Soldier Teachers Held

Rs.50 crore bitcoin, MLM scam busted in Nirmal; Cops, former soldier, teachers held

They admitted to luring between 4,000 and 5,000 people, mostly government employees, from different parts of the district under the pretext of offering returns if they invested in bitcoin trading every day.

By Telangana Today
Published Date - 1 September 2024, 06:13 PM
Rs.50 crore bitcoin, MLM scam busted in Nirmal; Cops, former soldier, teachers held
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Nirmal: Five persons including an ex-Indian Army soldier, an Excise Sub-Inspector, a police constable and two government teachers were arrested on charges of cheating the public under the guise of bitcoin trading and a multi-level marketing scheme.

Superintendent of Police Dr Janaki Sharmila said Salla Raj Kumar, a former Indian Army soldier from Nawabulpet in Kaddampeddur mandal, had joined hands with two government teachers, Sai Kiran and Kandela Naresh, Gangadhar, an SI from the Excise department and Mahesh, a constable working with the Armed Reserved police, to dupe the public by promising huge returns through bitcoin trading and an MLM marketing system.

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On being interrogated, Raj Kumar confessed to committing the crime to make a fast buck with the aid of Sai Kiran, Naresh, Gangadhar and Mahesh for the last two years. He admitted to luring between 4,000 and 5,000 people, mostly government employees, from different parts of the district under the pretext of offering returns if they invested in bitcoin trading every day.

Police said that some people had invested up to Rs.50,000 too trusting the words of Raj Kumar. Some of the victims took loans to invest in the trading scheme. The outlay of the scam was assessed to be around Rs.50 crore, the SP said, adding that more people were involved in the digital financial crime at various levels.

Sharmila commended Bhainsa ASP Avinash Kumar, Nirmal DSP Ganga Reddy, Nirmal Inspector Praveen Kumar, Rural Inspector Rama Krishna, Sub-Inspectors Sai Krishna, M Ravi and Ravinder for unearthing the scam.

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