Telangana man held for Rs 95-crore cryptocurrency fraud

Accused K Ramesh Goud from Jangaon created fake website, lured people by promising high returns on investments in cryptocurrency

Hyderabad: The Crime Investigation Department (CID) nabbed a cyber fraudster involved in cryptocurrency fraud, totaling Rs 95 crore, on Friday.

According to CID officials, K Ramesh Goud from Jangaon district had created a fake website under the name ‘GBR’ and, through a WhatsApp group, lured unsuspecting people by promising them high returns on their investments in cryptocurrency.

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Accordingly, A Manoj Kumar, the complainant from Karimnagar, and 43 others transferred around Rs 95 crore to the bank accounts of the suspect and his family members. Neither did Ramesh give them high returns as promised nor did he return the investments, thereby cheating the investors.

Based on a complaint, a case was registered and Ramesh was arrested.