Complainant Arra Manoj Kumar of Karimnagar, along with 43 others, transferred around Rs 95 crore to the accused and his family members. The promised returns were never paid, and the investors were cheated. The CID had earlier arrested co-accused Ramesh Goud and Y.S. Ravi Kumar Reddy in connection with the case.
Hyderabad: CID Director-General Shikha Goel said the department personnel had arrested Nethala Suresh Kumar, key accused in the GBR cryptocurrency scam case on Friday. Investors have lost nearly Rs 95 crore in this scam, DGP Goel said.
Suresh Kumar, along with others, had created a fake website under the name "GBR" and used a WhatsApp group to lure unsuspecting individuals by promising high returns on cryptocurrency investments.
Complainant Arra Manoj Kumar of Karimnagar, along with 43 others, transferred around Rs 95 crore to the accused and his family members. The promised returns were never paid, and the investors were cheated. The CID had earlier arrested co-accused Ramesh Goud and Y.S. Ravi Kumar Reddy in connection with the case.
Following the investigation, CID officials apprehended Suresh Kumar and produced him before the court. He was later remanded to judicial custody. The CID has registered cases under Section 5 of the Telangana Protection of Depositors and Financial Establishments Act, 1999, and the Prize Chits and Money Circulation Schemes (Banning) Act.
