Karimnagar: A massive cryptocurrency investment scam left investors from Karimnagar, Jagtial, Metpalli, and Korutla an estimated Rs 600 crore poorer. The fraud came to light only after a group of victims approached the Director General of Police (DGP) office on Saturday and lodged formal complaints.Acting on these complaints, the Crime Investigation Department (CID) launched an investigation and nabbed key suspect Ramesh Goud before he could flee the country. The CID is urging other victims to report their losses as it probes the full extent of the scam.Ramesh Goud, a resident of Lingala Ghanpur in Jangaon district, allegedly created a bogus cryptocurrency platform called ‘GBR Crypto.’ Promising hefty returns, he lured investors by advertising high-end travel packages to destinations like Singapore, Dubai, and Goa through WhatsApp groups. Before his arrest, Goud reportedly amassed approximately Rs 95 crore.Among the victims are high-ranking government officials who invested large sums. When they demanded payouts, agents cut off communication, leaving investors desperate. In Karimnagar city’s Ganj area alone, victims lost over Rs 50 crore; many remain reluctant to report the fraud due to embarrassment.One victim, Mahesh, told Deccan Chronicle that he initially saw encouraging returns, which prompted him to invest more and recommend the scheme to others. However, after putting in Rs 20,000, he received no further returns. Though Mahesh became suspicious and stopped investing, many of his friends took out loans to invest, drawn by promises of massive gains.Speaking on condition of anonymity, an agent confirmed that regular Zoom meetings were conducted to give the impression of an international business model, persuading both agents and new investors. The scheme evolved into a multi-level marketing network, entrapping participants in a cycle of deceit.Victims have accused CID officials of negligence and delaying Ramesh Goud’s arrest despite multiple reports of meetings with him in Hyderabad, Warangal, and Karimnagar. Frustrated with the pace of the investigation, some victims conducted their own “spy operation” and compiled evidence, which they submitted to higher authorities.CID DSP C. Srinivas, who is leading the investigation, refuted claims of negligence. He noted that those “creating all the ruckus” were the main agents who initially recruited hundreds of members and made substantial profits. “They are also accused in the scam,” he said, adding that the CID is gathering more evidence and will act against everyone involved following legal counsel and directives from higher authorities.
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