Hyderabad: Telangana Crime Investigation Department (CID) arrested two people linked to the Rs 950 crore GBR cryptocurrency scam that deceived more than 1,200 unsuspecting investors.
CID director Shikha Goel said the arrest was conducted on tips and the CID team arrested the duo from a house in Hastinapuram, Rangareddy area. Defendants – Kodavatikanti Sudhakar, 42, and Karnati Ramesh Reddy, 49, were assistants to the principal defendant Kurrimela Ramesh Goud.
The two have been absconding since the case report and have been accused of playing a key role in the scam, including receiving and transferring investor funds. According to Goel, the cryptocurrency program promises to attract investors through fake websites. A compelling event was held in 2022 at a venue near the city to create an impression of legitimacy.
The main defendants allegedly used the collected funds to open a clothing store. Sudhakar and Ramesh Reddy were appointed directors of these companies, with investors’ money pooling through their accounts. They are charged with fraud, criminal conspiracy and allegations of violation of financial regulations.
The case is under investigation under supervision by CID Director Shikha Goel and SP K. Venkata Laxmi. Officials said the team is looking for other defendants related to the case.
