Adilabad:Adilabad police on Sunday arrested two interstate fraudsters who collected lakhs of rupees from people in the name of cryptocurrency and promised high commissions if they introduced new members to the business.

Police said the accused cheated people for a total of `10 crore in the name of investments in cryptocurrency, and the accused collected investments from people in Warangal, Karimnagar, Nizamabad, Adilabad and Andhra Pradesh.

Police arrested two accused, Polamarashetti Rathna Raju, 47, founder of ITC Global of Visakhapatnam, and Dondapati Laxman Rao, 46, co-founder of ITC Global of West Godavari district. Cases were also registered against company representatives Gopikrishna, Ajeem Khan and agents Gajula Pramod Kumar and Vemuri Sudheer of Warangal. It is estimated that the accused might have collected `10 crore in North Telangana.

Giving details about the fraud in the name of cryptocurrency, SP Akhil Mahajan said they have registered cases under sections 420 and 409 IPC and chits and section 3,4 of the Prize and Money Circulation Schemes (Banned) Act and started an investigation following the complaint lodged by the victim, Juvvaka Narasimhulu of Ruyyadi of Talamadugu. He said the representatives were absconding when the investors asked them to repay the high commissions they had promised.

He said they found during the investigation that Narasimhulu invested Rs 7.50 lakh, Chikki Gangadhar Rs 7.50 lakh and Addi Kanthareddy Rs 6.21 lakh in the crypto ITC Global currency business. Adilabad DSP L. Jeevan Reddy, one town CI B. Suneel Kumar and SIs were present.


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