Nirmal.02.09.2024: In Telangana, Nirmal, police have uncovered a major scam involving Rs. 50 crore, where a group of individuals, including a former soldier, a police officer, and two government teachers, were accused of cheating people by promising returns through bitcoin trading and a multi-level marketing (MLM) scheme.
Five people were arrested in connection with the scam. Among those arrested were Salla Raj Kumar, a former Indian Army soldier from Nawabulpet in Kaddampeddur mandal, two teachers, Sai Kiran and Kandela Naresh, an Excise Department Sub-Inspector named Gangadhar, and Mahesh, a police constable with the Armed Reserve police.
According to the Superintendent of Police, Dr. Janaki Sharmila, Raj Kumar and his accomplices convinced between 4,000 and 5,000 people, mostly government employees, to invest in their scheme. They promised high returns from daily bitcoin trading. Many victims believed their promises and invested substantial amounts, with some even borrowing money to do so.
During interrogation, Raj Kumar confessed that he, along with his partners, had been running the scam for the past two years. The group had managed to trick people into investing, resulting in an estimated total fraud of Rs. 50 crore. The police believe that several more people could be involved at various levels of the operation.
Dr. Sharmila praised the efforts of Bhainsa ASP Avinash Kumar, Nirmal DSP Ganga Reddy, Nirmal Inspector Praveen Kumar, Rural Inspector Rama Krishna, and Sub-Inspectors Sai Krishna, M. Ravi, and Ravinder, for their roles in uncovering the scam.
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