Two Arrested in Suspected Rs 10 Crore Crypto Scheme

An Adilabad crypto fraud investigation has led to two arrests in Telangana, India, according to an October 11 PTI report published by Siasat, citing police.

Suspected Investment Scheme

Police allege that around 500 people were affected by a cryptocurrency investment scheme involving a fake website. The amount involved is suspected to exceed Rs 10 crore (100 million rupees).

Investors were allegedly promised doubled investments within two years, while recruitment commissions reached 25%.

Website Closed, Funds Unpaid

According to police, the suspects allegedly collected funds before shutting the website and failing to repay investors. Complaints from three people involving approximately Rs 21 lakh prompted cases against six individuals.

Investigation Continues

Two key suspects have been arrested. Police are examining financial transactions to identify further victims and establish the total amount collected.

The allegations remain under investigation; the report does not describe a conviction. Investors should independently check a platform’s operator and any claimed authorisation before transferring funds.

For more reports on investment scams, fake brokers and regulatory warnings, visit our Complaints section.

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