Bengal: Telangana police bust an interstate crypto trading racket

Hyderabad: Telangana's Rachakonda Police claimed on Saturday that they had busted an inter-state gang that was defrauding people through online crypto trading. The Cyber Crimes wing of the Rachakonda Police Commissionerate arrested three suspects, all of whom were West Bengal residents. One of them works for a bank. The main suspect, who is also from West Bengal, has eluded capture.

Chota Bhai alias Deepu Mondal, according to the police, used the names of various shell companies that never existed to fleece victims in the name of investment, then exchanged the money for cryptocurrency. The Rachakonda Police Commissionerate is one of three that oversees Hyderabad and its environs.

The arrests were made during an investigation after a victim filed a complaint, according to Rachakonda Police Commissioner Mahesh Bhagwat. Bhanothu Kiran Kumar, a resident of Ghatkesar's Narapally, was defrauded of Rs 86 lakh. Five cellphones, six SIM cards, three bank chequebooks, and six ATM cards from various banks were seized by the police. An amount of Rs fifty lakh in the bank accounts of the accused was also frozen.

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