Crypto currency investment fraudster arrested in Dhone in A.P.

The accused returned an amount of ₹17 crore as interest but defaulted payment of interest since September this year as he suffered losses in crypto currency trading, the police said

Nandyal District Police have arrested an accused who lured more than 300 persons to invested nearly ₹23 crore promising huge returns by investing in crypto currency and duping them by not giving the promised interest on the money invested by them. Police froze ₹2.45 crore in the bank account of the accused and asked any individual who fell into the trap of the accused to come forward and lodge a complaint.

According to Dhone Deputy Superintendent of Police (DSP) Srinivasulu, the accused 47-year-old Chanda Ramanjaneyulu of Dhone town used to work in a shop selling ayurvedic medicines since November 2021. Later, he set up his office in the shop and started luring people to invest with him promising ₹10,000 every month as interest for an investment of ₹1 lakh. Mr. Ramanjaneyulu told the people that he would be investing in crypto currency and would pay them the interest from the profits.

The accused collected ₹23 crore from 315 persons, police said. In the initial days, he paid interest from the money he got in the form of investments. As the interest payment was prompt, more people invested with him. Police said Mr. Ramanjaneyulu returned an amount of ₹17 crore as interest but defaulted payment of interest since September this year as he suffered losses in crypto currency trading.

Following complaints, Superintendent of Police Adhiraj Singh Rana formed special team for investigation and a case was registered under various sections of BNS Act and also Section 5 of A.P. Protection of Depositors of Financial Establishments Act, 1999 against the accused. The accused was arrested and a mobile phone and documents were seized from him and after verifying transactions of various bank accounts the police froze ₹2.45 crore of his bank balance.

Police asked the victims to come forward and cooperate with them for returning the money through court. Police also urged people not to believe those who promise huge interest or interest in the name of schemes and inform police about such people.

Published - December 03, 2024 04:01 pm IST