AP Cryptocurrency scam: 320 victim lose over 23 crore
By : DC Correspondent
Update: 2024-11-03 22:34 GMT
Kurnool: The Dhone police are investigating a massive cryptocurrency scam allegedly orchestrated by Ramanjaneyulu, a resident of Peddavadugur in Anantapur district, which has reportedly defrauded around 320 people across Kurnool, Nandyala, Mahbubnagar, and Kadapa districts. The scheme, which promised investors Rs 10,000 monthly returns for every one-lakh-rupee investment, has led to a cumulative loss of approximately Rs 23 crores for victims, with some sources suggesting the total sum could reach around Rs 25 crores.
The accused used popular apps like Binance and OKX to lend credibility to the scheme and targeted a wide array of individuals, including local businessmen, politicians, government employees, traders, and other officials. According to Dhone circle-inspector Imtiaz Basha, while the police have been receiving numerous complaints over the past one and a half months, no official case has yet been registered, with the operation currently under investigation.
Victims described being lured by the promise of high returns, leading some, like Siva Reddy, who invested Rs 10 lakhs, and Krishna from Dhone, who invested `8 lakhs, to take on loans and debt. Ramanjaneyulu reportedly initiated the scheme in 2021 by introducing himself through an organic herbal company, which he leveraged to expand his network and persuade people to invest.
This scam has impacted hundreds, with victims now gathering at the Dhone police station, seeking the return of their lost investments.