Hyderabad: A man was recently arrested for committing a cryptocurrency cyber fraud worth Rs 8,49, 585 in Hyderabad. The accused lured people into investing in his own cryptocurrency firm.
The accused was identified as S Ramakrishna Reddy, who along with his brother hatched a plan to cheat the innocent cryptocurrency traders across India and thus to gain easy money.
Accordingly, they opened a company called Bitcoin India Software Services Pvt. Ltd. and created a cryptocurrency application “Bitcoin India Wallet & Exchange and a website.
Reddy was arrested by the cybercrime unit of the Hyderabad police following a complaint by the victim.
According to the complaint, the victim’s account was suspended for an undisclosed reason. When the victim gained access to his account, he found that the amount was missing.
Immediately, the victim contacted Bitcoin India wallet support via email, and they informed the victim to go through wallet transactions. The fraudster swindled the amount on the pretext of a maintenance fee.
The accused was arrested under sections 66(C), (D) ITA Act-2008 and 419, 420 IPC.
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