Three more arrested for involvement in UBIT cryptocurrency fraud case

The Nirmal police on Wednesday arrested three more persons who duped people in the guise of UBIT cryptocurrency trading and a multi-level marketing scheme.

Dasari Ramesh, 40, Bommidi Dhanunjay, 34, and Kiram Venkatesh, 31, were arrested for promoting UBIT cryptocurrency scheme and luring investors with a false promises of high returns.

This comes weeks after the police arrested five - including an former Indian army official, an excise sub-inspector, a police constable and two government teachers - for conning around 5,000 people of the district in the scam, pegged at about ₹50 crore.

According to the police, the trio were involved in recruiting and raising funds to further expand the fraudulent pyramid scheme.

Nirmal SP Dr. G. Janaki Sharmila revealed that Brij Mohan Singh, a repeat offender with several cases in various parts of the country, orchestrated the scam which defrauded investors under the guise of cryptocurrency investments.

As part of the ongoing investigation, the Nirmal police have frozen 11 bank accounts linked to the fraudulent scheme. Police are tracking financial transactions relating to the scam, while the process of freezing the remaining accounts and identification of assets are underway.

The SP urged the victims to cooperate with the authorities to speed up the recovery process.

Published - September 25, 2024 08:46 pm IST