In Telangana, India, a massive crypto investment scam has been uncovered, with investors losing around ₹600 Crore.
Uncovering the Scheme
The fraud was discovered after a group of victims lodged formal complaints at the Director General of Police's office in Telangana. The Crime Investigation Department (CID) launched an investigation and arrested key suspect Ramesh Goud, who allegedly created the scheme before fleeing the country. According to reports, the scheme promised huge returns and attracted investors by advertising high-end travel packages to destinations like Singapore, Dubai, and Goa through WhatsApp groups.
Suspect's Actions
Ramesh Goud, a resident of Lingala Ghanpur in Jangaon district, allegedly created the fraudulent scheme. He developed a bogus cryptocurrency platform called ‘GBR Crypto.’ Sources say that before his arrest, Goud had collected approximately Rs 95 crore. One victim named Mahesh said that he initially saw good returns, which encouraged him to invest more and recommend the scheme to others. However, after investing Rs 20,000, he stopped receiving returns, which made him suspicious and prevented him from further investing. Many of his friends had taken loans to invest, drawn in by promises of massive gains.
Current Actions and Police Advice
An agent highlighted that regular Zoom meetings were held to create the impression of an international business model targeting both agents and new investors. The scheme evolved into a multi-level marketing network, entrapping participants in a cycle of deceit. CID officer leading the investigation noted that the main agents who initially recruited hundreds of members and made substantial profits are also accused of the scam. The CID is gathering more evidence and will act against everyone involved as per legal counsel and directives from higher authorities. As the full extent of the scam is probed, the CID is urging other victims to report their losses.
Telangana police continue to investigate the case and urge more victims to assist with the investigation by sharing evidence with the authorities.
