The Cyber Crime Investigation Division (CID) of Telangana has successfully arrested a major suspect involved in a staggering ₹95-crore cryptocurrency fraud scheme. The operation took place earlier today, marking a significant breakthrough in the ongoing investigation into this sophisticated scam.
According to a report from Deccan Chronicle, the arrested individual has been identified as Narayana Reddy, a key figure in the fraudulent network that lured investors with promises of high returns on cryptocurrency investments.
“This arrest is a critical step in unraveling the web of deceit that has affected many innocent investors,” stated a CID official. The CID has been probing this case for several months amid rising concerns over increased fraud in the cryptocurrency market.
Understanding the ₹95-Cr Crypto Fraud
The fraudulent scheme reportedly operated by enticing potential investors through appealing marketing strategies and false promises of guaranteed profits on crypto investments.
The investigation revealed that Reddy and his associates had created a fake investment platform called “CryptoRidge,” which mimicked well-known cryptocurrency trading websites. “Victims were persuaded to invest significant amounts of money, often in the hopes of making quick profits,” explained the official.
As the CID delves deeper into the case, officials anticipate that more arrests may follow. “We are looking into the entire network that facilitated this fraud, including possible connections to other financial crimes,” added the CID spokesperson.
Investigation Continues Amid Rising Crypto Scams
The police are urging the public to be more vigilant and conduct thorough research before making any investments in cryptocurrency. “Always verify the legitimacy of investment platforms and be cautious of deals that sound too good to be true,” the spokesperson cautioned.
So far, victims have reported losing amounts ranging from ₹10,000 to over ₹25 lakh.
Community Response and Victim Support
Many individuals who lost money in the scheme are seeking assistance in recovering their investments, and local nonprofit organizations are stepping up to provide guidance and resources.
“We understand the pain and anxiety these victims are facing,” said Ravi Kumar from the Hyderabad Investors’ Association. “We are here to help them navigate the recovery process.”
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