According to Indian police, a massive crypto investment scam perpetrated by scammers in the Telangana state of India has been exposed. Investors from different districts of Telangana have lost approximately ₹600 Crore in this scam, said the police.
The fraud was discovered only after a group of victims lodged formal complaints at the Director General of Police (DGP) office of Telangana Police. The Crime Investigation Department (CID) launched an investigation and arrested key suspect Ramesh Goud who had allegedly created this scheme before fleeing out of the country.
According to the reports, the scam scheme assured huge returns, to attract the investors by advertising high-end travel packages to destinations like Singapore, Dubai, and Goa through WhatsApp groups.
Ramesh Goud, a resident of Lingala Ghanpur in Jangaon district, had allegedly created this fraud scheme. He had created a bogus cryptocurrency platform called ‘GBR Crypto.’
The sources say that before his arrest, Goud had collected approximately Rs 95 crore. One victim, Mahesh said that “ In the beginning, he saw good returns, which encouraged him to invest more and recommend the scheme to others. But after investing Rs 20,000, in the scheme, he received no further returns. So it made him suspicious and it stopped him from further investing. However, many of his friends had taken loans to invest, drawn by promises of massive gains.”
Further an agent also highlighted that “Regular Zoom meetings were held to give the impression of an international business model, to target both agents and new investors. The scheme evolved into a multi-level marketing network, entrapping participants in a cycle of deceit.”
The CID DSP C. Srinivas, who is leading the investigation, said that “He noted that those “creating all the ruckus” were the main agents who initially recruited hundreds of members and made substantial profits. They are also accused of the scam.”
He further added, that “The CID is gathering more evidence and will act against everyone involved following legal counsel and directives from higher authorities.”
As it probes the full extent of the scam, the CID is urging other victims to report their losses. However, Some victims have conducted spy operations and have shared the evidence, with higher authorities.
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