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320 victims lose over 23 crore

320 victims lose over 23 crore

Kurnool: Dhone police are investigating a massive cryptocurrency scam allegedly orchestrated by Ramanjaneyulu, a resident of Peddavadugur in Anantapur district, in which around 320 people were reportedly duped in Kurnool, Nandyala, Mahbubnagar and Kadapa districts. The scheme, which promised investors a monthly return of Rs 10,000 on every investment worth one lakh rupees, has led to cumulative losses of around Rs 23 crores to the victims, with some sources suggesting the total could be around Rs 25 crores.

The defendants used popular apps such as Binance and OKX to increase the credibility of the scheme and targeted a wide range of people, including local entrepreneurs, politicians, government employees, traders and other officials. According to Dhone District Inspector Imtiaz Basha, although the police have received numerous complaints in the last one and a half months, no official case has been registered yet and the operation is currently under investigation.

Victims described being lured by the promise of high returns, prompting some people like Siva Reddy, who invested Rs 10 lakh, and Krishna from Dhone, who invested Rs 8 lakh, to take out loans and debts. Ramanjaneyulu reportedly initiated the program in 2021 by introducing himself through an organic herbal products company, which he used to expand his network and convince people to invest.

This scam has affected hundreds of people and the victims are currently gathering at the Dhone Police Station demanding recovery of their lost investments.