The Cybercrime Unit of the Hyderabad Police on Saturday arrested a fraud, who cheated a person of 8.5 lakhs Result 8.5 lakhs in a cryptocurrency fraud through its digital trading platform.
41 -year -old S. The accused, known as Ramakrishna Reddy, came to know from Anna Nagar, Chennai. He was conducting a Cryptocurrency Exchange, Bitcoin India Software Services Private. Limited, Bitcoin India wallet and exchange application and website under the guise of a valid trading platform.
The case came to light when a 35 -year -old resident of Jubilee Hills lodged a complaint, stating that he had a price of 2,56,416 units of Ciacoin (SC) at ₹ 8,49,585 via Bitcoin India platform. However, his account was suddenly suspended for unspecified reasons and marked under the review. The victim managed to achieve access to his account, so that he could display his remaining amount and portfolio clean, zero funds and an overdue position. Despite repeated efforts to take clarification with the customer of Bitcoin India, he was informed that his funds were cut as ‘maintenance fees’.
Investigation revealed that Reddy along with his brother prepared a plan to cheat the cryptocurrency traders through his company. He lured investors to buy cryptocurrency, seizing their funds only on the pretext of maintenance fee. When the customers tried to reach for assistance, they went to the income.
After the case, the police advised users to download the application only from official sources such as Google Play Store or Apple App Store and verified the deposit address before transferring funds as scammers often manipulate the details of transactions through malware We do.
Published – 22 February, 2025 09:02 pm IST
