Man arrested for Cryptocurrency investment fraud

HYDERABAD, February 3: In a significant development, Ramesh Goud has been arrested for orchestrating a large-scale cryptocurrency investment fraud across the northern districts of Telangana, including Karimnagar, Medak, and Warangal.

Goud established a fraudulent website under the name GDR, falsely promising substantial returns on cryptocurrency investments. He utilized WhatsApp groups to promote the scheme, enticing individuals with offers of foreign tours to destinations such as Singapore, Goa, and Dubai. This strategy led many to invest heavily, lured by the prospect of high profits.

After accumulating approximately ₹100 crore from unsuspecting investors, Goud fled the country. Upon realizing the deception, the victims approached the Director General of Police (DGP) Office, lodging complaints about the cryptocurrency scam. In response, law enforcement agencies initiated an investigation, culminating in Goud’s arrest as he attempted to flee abroad.

Authorities are continuing their efforts to trace and apprehend any accomplices involved in the scam. They have also advised the public to exercise caution and verify the legitimacy of investment opportunities, especially those related to cryptocurrency, to prevent such fraudulent activities in the future.