CID arrests aides of main accused; over 1,200 investors duped in fake crypto coin scheme
Hyderabad: The Telangana Crime Investigation Department (CID) arrested two more persons in connection with the Rs 95 crore GBR Crypto Coin scam that duped over 1,200 unsuspecting investors.
CID Director-General Shikha Goel said the arrests were made based on a tip-off, with a CID team apprehending the duo from a house in Hastinapuram, Rangareddy district. The accused — Kodavatikanti Sudhakar, 42, and Karnati Ramesh Reddy, 49, are close aides of the main accused, Kurrimela Ramesh Goud.
The two had been absconding since the case was reported and are accused of playing key roles in the scam, including receiving and diverting investor funds. According to Goel, the crypto coin scheme promised high returns and lured investors through a fake website. A high-profile event was held at a venue near the city in 2022 to create the impression of legitimacy.
The main accused allegedly used the collected funds to open apparel stores. Sudhakar and Ramesh Reddy were appointed as directors in these companies, and investor money was funnelled through their accounts. They have been booked under charges of cheating, criminal conspiracy and violation of financial regulations.
The case is being investigated under the supervision of CID Director-General Shikha Goel and SP K. Venkata Laxmi. Officials stated that the teams are looking for the other accused connected to the case.
