The Kancharapalem police have arrested a person on the charge of cheating several individuals by promising high interest on investment in cryptocurrency.
Operating from a house at Birla Junction in the city, the person, Mohammed Azim Khan, launched a cryptocurrency website and attracted investments by convincing people with his gullible talk.
One P. Ratnaraju from the NAD area invested Rs. 36 lakh during the period between 2021 and 2025.
He introduced his friends also to the accused and convinced them to invest. The accused allegedly collected Rs. 10 crore from about 50 individuals.
After some time, he stopped interaction with the investors and shut the website.
When Ratna Raju asked him to return the invested amount, Ajim threatened him, saying that he had connections with senior police officers and top officials in the government.
He also threatened the investor with getting implicated in a honey trap case and demanded Rs. 20 lakh to avoid the arrest.
The victim got scared and gave Rs. 10 lakh. As Ajim Khan continues to threaten him, Ratna Raju approached the police with all evidence.
Also read: Bhogapuram airport-related works gain pace
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This article is written by Senior Journalist Lakkoju Nagesh Babu
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