Telangana Crime Investigation Department (CID) arrested two other people in connection with the Rs 950 crore GBR crypto coin scam and detained the total number of defendants in eight.
The duo, identified as 42-year-old Kodavatikanti Sudhakar and 49-year-old Karnati Ramesh Reddy, were arrested on May 18 by the residence of Ramesh Reddy in Nagarjuna Colony, Hayathnagar.
The two men were longtime associates of Kurrimela Ramesh Goud, the so-called mastermind of the scam, and his partner YS Ravi Kumar Reddy, who were arrested earlier, according to a CID official.
The two defendants are said to have played an active role in the conspiracy and have also gained benefits from the crime. It is reported that the two men hid after the case was exposed, but were tracked by the CID special team. They were since produced before the magistrate and were remanded to judicial custody.
“The carefully crafted fraud revolves around fake multi-layer marketing (MLM) initiated in the name of GBR Crypto Coin, initiated through a website. As an investment opportunity, expected to provide high short-term gains, the program lures among 1,200 to 1,400 depositors and amassed about Rs 95 on the website, and then accumulated about ₹95 crore on the website, occupying about the situation on the website.”
The defendant even held a publicity event at Ramoji Film City in April 2022 to put legality into practice. With the help of the collected funds, they floated twill under slogans such as Ur apparel and Urk apparel, Whitehouse and Siyaram’s clothing dealers, serving as directors of money laundering in Sudhakar and Ramesh Reddy.
publishing – May 19, 2025 07:42 pm ist
