12,000 land in the virtual currency scam

Hyderabad: Investigation officials probing the virtual currency scam found that a few more websites like wowcoinindia.com,litecoin.com and Easycoin.net are also operating in the same way.

Police said that around 12,000 people fell in the trap of suspect B.M. Jagadeesha who was arrested on Wednesday.

From the material seized from him, police unearthed mail ids of 12,000 victims who he had contacted and got them to invest in his firm. Police have sent mails to all the victims and directed them to lodge a complaint against him at the police station concerned. Police said that all these websites mention foreign address for their head office.

“They operate from cities like Bengaluru and Hyderabad taking foreign cover. They use the same trick to trap people. We are  investigating if there are more victims and if he is involved in other scams,” Mr Md Riyazuddin Cyberabad Cybercrime Inspector said.

The issue came to light with a techie from Hyderabad who invested in 3gcoin.eu, a company floated by Jagadeesha, was cheated to the tune of Rs 18 lakh. He used multi-level marketing techniques offering commission to investors and asked them to bring more people aboard as investors.