- Tamil Nadu resident arrested by CID for involvement in GBR cryptocurrency fraud worth Rs 95 crore.
- Fraudsters created a fake cryptocurrency website and used WhatsApp to attract investors with promises of high returns.
- Multiple victims from Karimnagar district transferred approximately Rs 95 crore to the perpetrators’ accounts.
Hyderabad authorities have apprehended a Tamil Nadu resident in connection with a major cryptocurrency fraud operation that defrauded investors of Rs 95 crore. The Crime Investigation Department (CID) made the arrest on Thursday as part of an ongoing investigation into the scheme that targeted dozens of victims through social media and false promises of investment returns.
Y Sleeva Ravi Kumar Reddy from Chennai was identified as the suspect taken into custody. According to CID officials, Reddy collaborated with the prime suspect K Ramesh Goud to orchestrate the sophisticated cryptocurrency scam that affected at least 44 individuals.
The fraud operation centered around a counterfeit cryptocurrency platform operating under the name “GBR.” Investigators revealed that the perpetrators created a professional-looking website to establish legitimacy before using WhatsApp groups to target potential investors. Victims were enticed with promises of substantial returns on cryptocurrency investments made through the platform.
The complainant, a resident of Karimnagar district, along with 43 other victims, collectively transferred approximately Rs 95 crore to various bank accounts controlled by the suspects and their family members. After receiving the funds, the fraudsters ceased all communication and failed to repay any of the promised returns or initial investments.
This arrest marks the second apprehension in the case, following the earlier detention of Ramesh Goud from his residence in Jangaon district. CID officials have indicated that their investigation remains active, suggesting the possibility of additional arrests as they work to uncover the full extent of the operation.
The case highlights the growing concern around cryptocurrency-related fraud in India, where regulatory oversight of digital assets remains in development while public interest in cryptocurrency investments continues to rise.
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