Adilabad: The Enforcement Directorate (ED) has written to the Nirmal police asking for provide details of the accused and the case files related to U Bitcoin (cryptocurrency) trading to examine possible cases of money-laundering.
So far, the Nirmal police have arrested eight government employees in this connection and registered one case. The police are preparing to submit a report to the ED. It is said that the case involved transaction of money above Rs 50 crore.
It is said that some teachers were attracted to the bitcoin ring with offers of free foreign trips and cars, and canvassed for members. It is said that some teachers influenced parents of their students and asked them to invest in the bitcoin business.
Speaking to media, Nirmal SP Janaki Sharmila said they were investigating the case of government employees including teachers and constables who collected money from gullible people by promising them good returns.
She said they had identified 150 persons so far in connection with the case, 25 of them suspects. She added that the police had received 30 complaints.
Sharmila said the U Bitcoin business was fake and the victims invested money with the scamsters but did not buy the cryptocurrency. She said that the scamsters drafted government employees into the business as they have credibility in society. It is said that nearly 1,500 people invested money in U Bitcoin business in Nirmal and other areas.
