Hyd Man Held for Rs 30 Crore Meta Fund Online Coin Scam

Karimnagar: Police officials arrested Varala Lokeshwar Rao, 32, a resident of Malkajgiri, Hyderabad, and a software application developer, the prime accused in a big online cryptocurrency scam, Meta Fund, which defrauded victims of an estimated Rs 25-30 crore. He created a fake online coin and app to lure investors with promises of triple returns on their investments.

Lokeshwar, along with five associates — T. Prakash, 56, B. Sreedhar, 54, D. Raju, 39, D. Ramesh, 50, and K. Satish, 49 — launched the fraudulent Meta Fund platform and a non-existent coin app. Victims were promised 1,000 coins for an investment of Rs 90,000, with the assurance of tripling their money within a month.

To gain trust, the accused offered investors lavish trips to resorts, Goa, and even foreign destinations. He collected investments in cash, provided fake online IDs and coins within the app, and later deleted the app from online platforms.

Addressing the media, Karimnagar Police Commissioner Gouse Alam said they recovered assets purchased with the scammed money, including property documents, 30 tolas of gold, mobile phones, and a BMW car, from his possession in Karimnagar on Thursday.

Commissioner Alam urged people to remain cautious about online investment schemes promising unusually high profits. Citizens are advised not to fall for fraudulent apps or suspicious investment plans. Anyone suspecting a scam should immediately contact the Cyber Helpline at 1930 or dial 100.