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 investors of nearly Rs 2.3 crore by promoting a fraudulent cryptocurrency scheme. According to police, the suspect lured victims with promises of high returns and threatened them when confronted over non-payment.
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. Satish Rao claimed to be the owner of Janajyothi Real Estate, with its office located in Tarnaka.
Satish Rao allegedly promoted a blockchain investment scheme, assuring high returns and convincing Harikumar to invest. Believing his claims, Harikumar invested about Rs 55 lakh in various schemes. The suspect is said to have collected over Rs 1.78 crore from other victims, bringing the total amount defrauded to around Rs 2.3 crore.
When the promised returns failed to materialize, the victims confronted Satish Rao at his Tarnaka office, where he allegedly threatened them. Harikumar subsequently filed a complaint with the Hyderabad Cyber Crime Squad (CCS) police on behalf of all the victims. A case has been registered, and the investigation is currently underway.
The incident highlights the growing trend of crypto-related frauds, where unsuspecting investors are lured with promises of high returns and often left with significant financial losses. Experts advise investors to thoroughly research any investment opportunity and seek professional advice before committing funds.
The Telangana police have urged anyone with information related to the case to come forward and assist in the investigation. They have also issued a warning to the public to be cautious of such schemes and verify the legitimacy of any real estate or cryptocurrency investment offers.
This case serves as a reminder of the importance of due diligence and the need for regulatory oversight in the cryptocurrency market to protect investors from fraudulent activities.
