Visakhapatnam: A crypto-currency racket was allegedly run by two constables here, with initial hints being that over 230 cops lost their investments totaling around Rs 7 crore.
As per reports, the scam was primarily run by constable Lovaraju from the 2007 Rural AR batch and a 2009 batch constable, Siva, tied up with him. The duo allegedly promised their victims monthly returns of Rs 50,000 on investments of Rs 3 lakh.
City police commissioner Sankhabrata Bagchi said the police department came to know of the racket two days ago and he has asked the cybercrime police to investigate it. “However, there are no formal complaints from the victims. Hence, we cannot register a case or take disciplinary action,” he said.
“I have not received any complaint till now. I request the victims to come forward and file a complaint so that we can proceed in the matter,” he said.
The business model promised substantial returns. Investors were told they would receive Rs 1,200 daily for 110 days, totaling Rs 1,32,000 on every Rs 3 lakh investment. The promise was also that the principal amount would be returned later.
The scheme operated under various names, including Yes World, UB Coin, GTFS and EPZ.com. Those who recruited participants were promised higher “star ratings” and commissions.
