Karimnagar: A large-scale cryptocurrency scam has defrauded investors of an estimated Rs 600 crore, with losses concentrated in towns including Karimnagar, Jagtial, Metpalli, and Korutla in the erstwhile Karimnagar district.Authorities report that the fraudsters recruited well-known local people as agents, promising luxurious rewards and commissions. Regular Zoom meetings were used to simulate an international business environment, luring both agents and investors with the prospect of high returns. The scheme operated as a multi-level marketing fraud, as agents persuaded acquaintances to invest large sums, often borrowing money in hopes of quick profits.High-ranking government officials and local businesspeople were not spared. When investors pressed for returns, agents disappeared, leaving victims stranded with mounting losses. Particularly hard-hit were residents of the Ganj area in Karimnagar city, who collectively lost over Rs50 crore but remain reluctant to come forward due to embarrassment.Allegations of negligence by the CID initially marred the investigation until several victims escalated their complaints to the DGP’s office, prompting renewed efforts. Acting on higher authority directives, CID officials swiftly identified and apprehended Ramesh Goud, a resident of Lingala Ghanpur in Jangaon district. Goud is accused of running the fraudulent GBR Currency scheme — dubbed ‘GBR Crypto’ — which promised substantial profits and luxurious tour packages to destinations such as Singapore, Goa, and Dubai via fake WhatsApp promotions.DSP of CID C. Srinivas, overseeing the case, dismissed claims of police inaction. “The real culprits are the agents who recruited hundreds and initially pocketed huge profits,” he said. “We are gathering further evidence and will take legal action against everyone involved, following guidance from higher authorities.”
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