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Telangana Police Arrest Two Interstate Accused In Massive Cryptocurrency Fraud
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News18•11-10-2026, 16:15
Telangana Police Arrest Two Interstate Accused In Massive Cryptocurrency Fraud
- •Two key interstate accused from Andhra Pradesh were arrested by Adilabad police for running a cryptocurrency investment fraud.
- •The fraudsters duped around 500 victims of over Rs 10 crore through a Ponzi scheme and multi-level marketing using a fake website.
- •The accused promised to double investments within two years and offered commissions up to 25 percent for recruiting new members.
- •Police seized mobile phones and properties linked to the accused in Zaheerabad and Rajahmundry as the investigation continues.
Key Questions Answered
The accused ran a fake website mimicking a cryptocurrency platform, offering investment packages from Rs 1,000 to Rs 3 lakh that promised to double within two years. They used multi-level marketing tactics, offering commissions up to 25 percent for recruiting new members, and held online and in-person meetings to gain public trust.
Three victims who lost approximately Rs 21 lakh filed complaints with the Adilabad One Town Police, resulting in cases being registered against six individuals and the subsequent arrest of two key accused from Andhra Pradesh.
Police investigations indicate that hundreds of individuals across Telangana, Andhra Pradesh, and other regions may have been defrauded, with the total suspected amount exceeding Rs 10 crore.