Hyderabad Man Poses as Realtor, Defrauds Investors of Rs 2.3 Crore in Crypto Scam

A man posing as a real estate businessman in Hyderabad has allegedly defrauded multiple investors of nearly Rs 2.3 crore by luring them into a cryptocurrency scheme. The suspect, S Satish Rao, claimed to be the owner of Janajyothi Real Estate and assured high returns, but instead threatened investors when confronted.

According to police, the complainant, K Harikumar, a medical shop owner from Khammam who also deals in real estate plot marketing, was introduced to the suspect, S Satish Rao, in October 2023. The suspect claimed to be the owner of Janajyothi Real Estate with its office in Tarnaka.

Satish Rao allegedly promoted a blockchain scheme, assuring high returns and convincing Harikumar to invest. "Believing his claims, Harikumar invested about Rs 55 lakh in various schemes," police said. The suspect allegedly collected over Rs 1.78 crore from other victims, taking the total to around Rs 2.3 crore.

When returns failed to materialize, the victims confronted him at his Tarnaka office, where he allegedly threatened them. Harikumar subsequently filed a complaint with the Hyderabad CCS police on behalf of all victims. Following this, a case was booked, and the investigation is ongoing.

The incident highlights the growing trend of fraudulent schemes in the cryptocurrency and real estate sectors, where unsuspecting investors are lured with promises of high returns and then left with significant financial losses. Authorities are urging the public to be cautious and verify the credentials of any individual or company before making investments.

Janajyothi Real Estate, the company claimed by the suspect, operates in the real estate market in Hyderabad. However, the company's legitimacy is now under scrutiny due to the allegations against S Satish Rao. Investors are advised to conduct thorough background checks and seek legal advice before engaging in any investment opportunities.

The Hyderabad police have issued a warning to the public to be vigilant and report any suspicious activities immediately. They are also working to track down the suspect and recover the lost funds for the victims. This case serves as a stark reminder of the risks associated with unverified investment opportunities and the importance of due diligence.