Cyberabad Cyber Team Busts Crypto currency Fraud, Accused Arrested in Bengaluru


Hyderabad: The Cyberabad Cyber Crime team has busted a major Cryptocurrency fraud in Hyderabad recently. According to police, the the complainant was lured to invest Rs 18 lakh on, which claimed to return 180 times the invested amount in two years. The Cyberabad Cyber Crime team arrested the company’s operations head, BM Jagadeesha in Bengaluru on July 16, who is now on remand. Md Riyazuddin, Inspector of Police (cyber crimes), Cyberabad said, “Though cases have been registered on the basis of cheating, forgery, fraud, impersonation, breach of trust, this is the first case of its kind registered with Cyberabad police regarding cryptocurrency”. The agents of the cryptocurrency company claimed to offer “180 times returns in two years” by the investors through virtual mining website. The victim, a software engineer from the city, invested Rs  18 lakh in January and approached the police on July 11 when the company failed to pay him the promised monthly returns. Jagadeesha had started a company that was registered in Germany, in the name of two fictitious persons and Nagarajan, who expired last year. According to investigations, the accused claimed his ‘management team’ to be based in Germany, England and Wales. He had opened five bank accounts. The company had accounts with ICICI Bank and Axis Bank in the name of a dead person. The IOP warned public that, “People should not get tempted if they are offered enormous amount of profit because there is no such company which can earn 180 times profit in two years”. Police said there are some other websites like wowcoin, onecoin, richcoin, litcoin that operate and function on the same lines. He added, “These websites claim to be similar to Bitcoin which has become successful to some extent,” said Riyazuddin. These fraud companies take advantage of Bitcoin’s success and try to lure investors’’. According to a police press note, Jagadeesha had amassed Rs  2,89,12,500 and most of the amount was distributed as commission to agents.    ]]>

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