Three Teachers Arrested For Cryptocurrency Fraud In Telangana

In connection with a fraudulent cryptocurrency scheme, Nirmal police arrested three government teachers on Wednesday for their alleged involvement in deceiving people to invest in "U Bitcoin." The accused, according to various media reports, were identified as Dasari Ramesh from Kannapur village (Kadam mandal), Bommidi Dhanunjay from Sonala village (Boath mandal), and Kiram Venkatesh Goud from MPP Daujinayat Thanda (Kubeer mandal).

SP Dr. G. Janaki Sharmila commented on the case, stating that criminals are increasingly using new technologies to scam people and make easy money. She explained that the accused specifically targeted government employees, businesspeople, and middle-class individuals. The scam spread across the district, with victims realizing they had been defrauded only after investing in the fake cryptocurrency scheme. Several victims subsequently filed complaints with the police.

According to Telangana Today, the three teachers admitted their involvement in the crime, motivated by a desire for quick profit. The SP further revealed that the mastermind of the operation, Brij Mohan Singh, had previously been booked for similar fraudulent activities. Authorities have already frozen 11 bank accounts tied to the scheme and are continuing to trace the financial transactions while working to freeze additional accounts and identify related assets.

The SP urged more victims to come forward and cooperate with the police to help recover their lost investments. She also cautioned the public about the risks associated with cryptocurrency trading and assured that efforts are ongoing to track down those involved in financial crimes.

Earlier, on September 1, five individuals, including a former Indian Army soldier, an Excise Sub-Inspector, a police constable, and two government teachers, were arrested for allegedly scamming around 5,000 people through a fraudulent UBIT cryptocurrency and multi-level marketing scheme. The scam was valued at approximately Rs. 50 crore. The accused were identified as Salla Raj Kumar, an ex-Army soldier from Nawabulpet (Kaddampeddur mandal), along with government teachers Sai Kiran and Kandela Naresh, Excise SI Gangadhar, and Armed Reserve police constable Mahesh.