Related to fraudulent cryptocurrency plans, Nirmal police arrested three government teachers on Wednesday for allegedly defrauding people of investing in “U Bitcoin.” According to various media reports, the defendants were identified as Dasari Ramesh from Kannapur village (Kadam Mandal), Bommidi Dhanunjay (Boath Mandal) in Sonala village and Kiram Venkatesh Goud from MPP Daujinayat Thanda (Kubeer Mandal).
Dr. SP G. Janaki Sharmila commented on the case that criminals are increasingly using new technologies to cheat and make money. She explained that the defendants targeted government employees, businessmen and middle-class individuals. Scams are spread throughout the region, and victims realize they are only fraudulent after investing in fake cryptocurrency plans. Several victims then filed complaints with police.
According to Telangana today, the three teachers admitted that they were involved in the crime out of a desire for quick profits. The SP further revealed that Brij Mohan Singh, the planner of the operation, had previously booked similar fraudulent activities. Authorities have frozen 11 bank accounts related to the program and are continuing to track financial transactions while working to freeze other accounts and identify related assets.
SP urges more victims to come forward and work with police to help recoup their lost investment. She also warned the public about risks associated with cryptocurrency transactions and ensured efforts are being made to track people involved in financial crimes.
Earlier on September 1, including a former Indian Army soldier, a deputy inspector of the excise tax, a police station and two government teachers, were arrested on suspicion of allegedly defrauding 5,000 people through fraudulent ubitcryptocorrency and multi-level marketing schemes. The value of the scam is about Rs. 500 million. The defendant was identified as Salla Raj Kumar, a former soldier from Nawabulpet (Kaddampeddur Mandal), as well as government teachers Sai Kiran and Kandela Naresh, excise tax Si Gangadhar, and armed reserve police police police police station penny Mahesh.
