Hyderabad, April 29: A man posing as a real estate businessman allegedly cheated several investors of nearly Rs 2.3 crore through a cryptocurrency investment scheme, police said on Tuesday.
The accused was identified as S Satish Rao, who allegedly operated from an office in Tarnaka under the name Jana Jyothi Real Estate.
Rs 2.3 Crore Crypto Scam Under Investigation
According to police, complainant K Harikumar, a medical shop owner from Khammam, met the accused in October 2023.
Harikumar also worked in real estate plot marketing. Police said Satish Rao convinced him to invest in a blockchain based scheme by promising high returns.
Believing the claims, Harikumar allegedly invested around Rs 55 lakh in different schemes.
Investigators said the accused collected more than Rs 1.78 crore from other victims. Consequently, the total alleged fraud amount reached nearly Rs 2.3 crore.
When investors did not receive returns, they confronted the accused at his office in Tarnaka. Police said he allegedly threatened the victims during the confrontation.
Later, Harikumar lodged a complaint with the Hyderabad CCS police on behalf of all victims.
Police registered a case and started an investigation into the alleged crypto scam.
