ADILABAD: Adilabad police have arrested two men from Andhra Pradesh in connection with an alleged cryptocurrency investment fraud involving more than Rs 10 crore and around 500 victims from Telangana, Andhra Pradesh and other regions.
Adilabad Superintendent of Police Akhil Mahajan said three victims from the district had invested Rs 21 lakh. Cases had been registered against six persons, and properties belonging to the accused had been seized, he said. According to the police, the accused operated a website, cticlub.org, to attract investors to a scheme promoted as ITC Global Cryptocurrency. Investment packages ranged from Rs 1,000 to Rs 3 lakh, with investors promised double their money in two years.
The scheme allegedly offered two plans. Under the non-working plan, investors were promised returns after two years. Under the working plan, they could earn commissions of up to 25% by bringing in new members.
The accused conducted meetings at hotels and through Zoom to attract investors. Participants were asked to register online and transfer money through digital payment platforms and online exchanges. The operators later shut down the website and failed to return the money, police said.
The case came to light after Juvvaka Narsimulu of Ruyyadi village in Talamadugu mandal lodged a complaint at Adilabad One Town police station. He said he had invested Rs 7.5 lakh in 2023 through an account bearing ID 58708 but could not recover the money despite repeated requests.