Tamil Nadu man arrested for Rs 95 crore cryptocurrency fraud

He along with his associates created a fake website under the name GBR and through a WhatsApp group lured people

Hyderabad: The Crime Investigation Department (CID) arrested one person from Tamil Nadu in connection with the GBR cryptocurrency fraud worth Rs 95 crore on Thursday.

The arrested suspect was identified as Y Sleeva Ravi Kumar Reddy from Chennai, Tamil Nadu.

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The CID officials said the prime suspect K Ramesh Goud along with Y Sleeva Ravi Reddy and their associates had created a fake website under the name GBR and through a WhatsApp group and lured people by promising benefits on their investments in cryptocurrency.

Accordingly, the complainant, who is a native of Karimnagar district and 43 others, had transferred around Rs 95 crore to the bank accounts of the suspects and their family members. The accused did not repay the investments and cheated the investors.

Based on the complaint, the CID officials booked a case. Ramesh Goud was earlier arrested from his house in Jangaon district. The CID investigation was in progress.