Ex-Corporator Held in Rs 1.2 Crore Crypto Scam in Karimnagar
Satish was produced in court and remanded to judicial custody. Police said two other suspects in the case are still absconding, and a manhunt has been launched to apprehend them.
Karimnagar: Police officials arrested a former corporator, Katla Satish (50) of Kothirampur, for allegedly cheating people by promising triple returns on cryptocurrency investments in Karimnagar Rural mandal of Karimnagar district.
Karimnagar rural inspector A. Niranjan told the media that the arrest was made following a complaint filed by Nunavat Bhaskar of Theegalaguttapalli.
Satish had convinced Bhaskar to invest in a scheme called Meta Fund Crypto, assuring him that an investment of Rs 50 lakh would yield three times the profit. Trusting him, Bhaskar invested Rs 15 lakh in June 2024. Satish also urged Bhaskar to bring in more people for higher returns. Bhaskar then persuaded 17 others to join the scheme, and together they invested a total of Rs 1.20 crore with Satish. He promised to return the profits within three months, but the victims alleged that they have not received a single rupee. When questioned, Satish allegedly threatened them.
Following the complaint, the Karimnagar Rural police team, comprising Inspector Niranjan, CCS CI Prakash, and SIs Naresh and Tirupati, arrested Satish. They seized an iPad, two mobile phones, and bank account details from his possession.
Satish was produced in court and remanded to judicial custody. Police said two other suspects in the case are still absconding, and a manhunt has been launched to apprehend them.
