Indian authorities have apprehended a suspect linked to a cryptocurrency fraud scheme. According to a statement from the Telangana Criminal Investigation Department (CID), the suspect was linked to the case involving the loss of Rs. 95 crores ($11 million). The statement alleged that the suspect was accused of duping 40 unsuspecting investors in the scheme.
According to the Indian authorities, a preliminary investigation revealed that the suspect, a 47-year-old resident of the Jangoan District, lured investors using a fake website. The authorities claimed that his mode of operation was simple, luring victims through various WhatsApp groups. The unsuspecting victims are then introduced to his website, which he registered under the name GBR, a crypto investment website. The suspect usually promises his victims benefits they cannot be matched by any other crypto investment outfit.
Indian authorities arrest culprit for crypto scam
According to the authorities, investigations were launched into the affairs of Kurrimela Ramesh Goud, after one of his victims filed a complaint. The victim, Arra Mano of Karimnagar district, claimed that he and about 43 other investors transferred funds to accounts owned by Ramesh Goud and some of his family members. Things were still rosy at the earlier stages, typical of most crypto investment schemes. However, things went bad when investors started to ask for their returns.
In his complaint, Manoz claimed that the accused refused to pay either their returns or investments, cheating them out of their hard-earned money. Authorities have said that the complaint has been duly registered under Section 5 of the Telangana Protection of Depositors and Financial Establishment Act of 1999. It has also been filed under Section 5 of the Prize Chits and Money Circulation Scheme (Banning) Act of 1978 in the CID police station in Hyderabad.
Authorities confident about recovering stolen funds
After the complaint was filed, the police swung into action on the orders of Telangana DG CID Shika Goel IPS. “The victims were urged to visit the site through a link, promising high cryptocurrency yield,” the DG said. Goel noted that the victims took several loans and added them to their funds under the premise of high returns as promised by Goud. However, the victims realized they had been duped after Goud cut communication with them.
Indian authorities claimed that while the number still remains at 43, there is a likelihood that victims will continue to show up in the coming days. This is because some who may have not realized they have been scammed will see the information and contact them. The officials also noted that Goud returned funds in small amounts, building trust with the members of his platform. However, he disappeared immediately as the amounts grew.
The officer in charge of the case CH Srinivas, DSP RO Karimnagar, and some officers eventually apprehended the suspect. According to the Indian authorities, the accused have been sentenced to judicial custody, while efforts are being put together to apprehend the other individuals working with him.
Officials have also claimed that they are yet to recover any funds from Goud, despite his arrest. They believe he had diverted them into a platform, possibly cryptocurrency, as it provides an avenue to hide funds. However, Indian authorities are confident they will trace how he spent the funds and where he funneled them in the coming days.
Officials have warned the general public about untested and untrusted investment schemes like this, noting an increase over the last few months. Investors are advised to go on tested and trusted platforms if they want to invest in cryptocurrencies for profits. The police also assured the public of a swift judgment once the others are arrested.
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