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Police nab “3gcoin cryptocurrency” head


Reacting to a complaint lodged by a victim, who was working in a reputed software company that the agents of “3gcoin cryptocurrency” lured him to invest in Virtual mining firm having their website with URL:www.3gcoin.eu by offering 180 times returns in two years. Believing their version, he invested some Rs 18 lakhs in the month of January.


The complainant told the police that later on the company failed to pay the monthly returns as promised by them. When he contacted, B.M. Jagadeesha, having office in Bengaluru, who was the so-called head of operations in India, explained that, the company was registered in Germany having office in Berlin and will take up the matter with them and resolve his problem. But even after several months, he failed to do so. The complainant realized he was cheated and lodged a complaint with the Cyber Crime Police.


A special Team led by Md. Riyazuddin, Inspector, Cyber Crimes Cyberabad East, went to Bengaluru and zeroed on B.M Jagadeesha and apprehended him. He was produced before Chief Metropolitan Magistrate there and brought the accused to Hyderabad on transit warrant and produced in Miyapur Court.

Later he was taken into police custody and grilled meticulously.


Investigation revealed that the website www.3gcoin.eu has been registered with the #Excellent Business Centre 4th floor Friedrichstrasse, Germany with management team as Thaao July (Chief Executive Officer), K. Nagarajan (Head of Administration), Adidulla (Mining Head), Lella Coco (Finance Head) and another office with the name of “3G MINING TECH LTD” at England and Wales with the office address #The Picasso Building Calderdale road, Wakefield, West Yorkshire United Kingdom and operated five bank accounts by the accused.

It was also revealed that the accused flouted the website www.3gcoin.eu by showing K. Nagarajan and two fictitious names. Actually, the said Nagaraju had died in January last year but the accused floated the company in the name of a deceased person (Nagarajan).

As per the website, the objective of the company was for server mining. (Explanation of server mining: mining is an algorithm for writing a program for cryptography, barcodes in Kilobites, Megabites, Gigabites,of data). They have decided the value of the mining will be measured in Crypto Currency, i.e., 1 gram of virtual crypto currency is valued at 3-4 Euros. When anyone wants to create Crypto Currency i.e., 3G Coin he should open an account in the website called www.3gcoin.gold. Then the customer need to fill a format consist of 9 steps by entering his credentials including bank account, Pan Number and address proof document. These credentials will be verified by administrator. After entering the credentials in to website and after getting ID number on applicant’s email, he has to deposit Indian currency equaling to 30 Euros as registration charges. The amount has to be deposited in the company account of 3G Coin Inc. for that the accounts with numbers: 015201532668 with ICICI Bank and with A/c No. 915020057965498 with Axis Bank on the name of 3G Coin Inc., in the name of K. Nagaraju who was died long back. he used to operate the accounts of dead person Nagarajan online.  There are about 500 agents, working on commission basis. The introducer will get 20% of 30 Euros as commission. The accused promised them that, the introducer will continuously get the commission on each introduction. Roughly, he has collected about Rs 2,89,12,500 in one group most of the amount has been distributed as commission to agents. At the time of launching, they have declared that the value of each Crypto Coin is 30 Euros, which is equivalent to the registration charges ie 30 Euros. They have projected the customers/ investors that, if they take one crypto coin by investing 30 Euros they will get 128 Crypto Coins at the end of 2nd year of investment since the accused offered huge profit returns in two years many people from across

India got themselves registered. During the investigation it was also came to light that, there are several other similar websites such as wowcoin, onecoin, richcoin, litcoin were doing business online.

The case was being investigated by Md. Riyazuddin Inspector of Police Cyber Crimes PS of Cyberabad East Commissionarate under the supervision of Mahesh M. Bhagwat IPS., Commissioner of Police Cyberabad East I/c of west.


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