HYDERABAD: The Crime Investigation Department (CID) of Telangana arrested two more individuals in connection with the multi-crore GBR Crypto Coin scam, where the accused duped over 1,000 depositors by promising high returns, illegally accruing around `95 crore in the process.
The accused, Kodavatikanti Sudhakar (42) and Karnati Ramesh Reddy (49), were apprehended on May 18 by a special CID team at Ramesh Reddy’s residence in Hastinapuram of Rangareddy district.
In a press statement released on Monday, the CID officials said that the two are long-time associates of the main accused, Kurrimela Ramesh Goud and had actively participated in the fraudulent operations. They were instrumental in receiving and diverting the funds collected from unsuspecting investors.
It is to be noted that the scam reportedly operated under the guise of a multi-level marketing scheme. Ramesh Goud, with the help of several co-accused, launched GBR (Golden Bear Realty) and conducted a promotional event at Ramoji Film City in April 2022.
Officials said that the group developed a fake website and ran an elaborate scheme that eventually channelled investor funds into various apparel businesses under the names UR Apparels and URK Apparels. Sudhakar and Ramesh Reddy were listed as directors in these companies.
Following the lodging of a case under various sections of the IPC, as well as state and central acts banning money circulation schemes, the duo absconded from Hyderabad. They were finally tracked down and taken into custody.