Two from Andhra Pradesh arrested for duping people in Adilabad

Adilabad police have arrested two persons and booked four others in an alleged cryptocurrency investment fraud involving around ₹10 crore and 500 people across Telangana and Andhra Pradesh. Police said the accused allegedly lured investors with promises of high returns

Adilabad: Two persons were arrested and four others booked for allegedly duping around 500 people in Telangana and Andhra Pradesh of Rs 10 crore under the guise of cryptocurrency investments. Police seized two mobile phones and documents relating to assets from the accused.

Briefing the media about the arrests here on Sunday, Superintendent of Police Akhil Mahajan said Polamarashetti Rathnaraju of Visakhapatnam and Dondapati Laxmanarao of West Godavari district were arrested for their alleged involvement in the fraud. Cases were registered against Gopikrishna, Azeem Khan, G. Pramod Kumar and Vemunuri Sudheer for their alleged roles in the offence.

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During interrogation, Rathnaraju and Laxmanarao allegedly told the police that they had lured five people from Adilabad by promising huge returns within a short period on their cryptocurrency investments. They allegedly created a website and targeted people in Warangal, Karimnagar, Nizamabad and various parts of Andhra Pradesh through virtual meetings and gatherings at hotels.

Adilabad DSP L. Jeevan Reddy, I Town Inspector B. Sunil Kumar and others were present.