Telangana: CID apprehends one accused in cryptocurrency fraud of Rs 95 crore

Hyderabad (Telangana) [India], January 10 (ANI): One person was apprehended by the Telangana Criminal Investigation Department (CID) in connection with a cryptocurrency fraud, officials said.
In the pertaining case, Rs 95 crores were duped from over 40 individuals by creating a fake website under the name GBR.
The arrested accused has been identified as Kurrimela Ramesh Goud (47), a resident of the Jangoan district.
The investigation revealed that Kurrimela Ramesh Goud created a fake website under the name GBR and through a WhatsApp group lured the innocent people by promising them to give more benefits on their investments in cryptocurrency.
Accordingly, the complainant and 43 others transferred around 95 crores to the accused and his family members. The accused did not repay the investments and cheated them.
The action came in response to a complaint filed by Arra Manoz, a resident of Karimnagar district. A case was registered under Section 5 of the Telangana Protection of Depositors and Financial Establishment Act-1999 and Section 5 of the Prize Chits and Money Circulation Scheme (banning) Act-1978 under Police Station, CID, Hyderabad.
Later, on the instructions of Shikha Goel IPS, DG, CID, Telangana, the Investigation Officer Ch Srinivas, DSP RO Karimnagar and staff apprehended the accused Kurrimela Ramesh Goud and was sent to judicial custody on January 8.
Further efforts are underway to arrest the remaining accused, the officials said. (ANI)