Hyderabad, Two interstate accused were arrested in connection with cases registered in the Adilabad district of Telangana over cryptocurrency investment fraud, the police said on Sunday.
Of them, two key accused were arrested. As part of the investigation, the police seized properties linked to the accused in connection with Zaheerabad and Rajahmundry, along with mobile phones. Police are examining the seized items and financial transactions to establish the roles of the remaining accused, identify additional victims, and determine the total amount allegedly collected through the scheme.
Three victims from whom approximately ₹ 21 lakh was collected lodged complaints with the Adilabad One Town Police, after which cases were registered against six persons.
“The investigation indicates that hundreds of people across Telangana, Andhra Pradesh, and other areas may have been cheated, with the total amount involved suspected to exceed ₹ 10 crore,” Adilabad District Superintendent of Police Akhil Mahajan said in a release. On the modus operandi, the police said during the investigation, it was found that the accused allegedly operated an investment scheme in the name of a cryptocurrency platform through a website. To gain public confidence, the accused reportedly conducted meetings in different locations and explained the scheme through online meetings and video conferences, the police said.
The investigation further revealed that after collecting money from investors, the accused allegedly shut down the website and failed to repay the investments.
