The Telangana Crime Investigation Department (CID) arrested another accused in the ₹95 crore GBR cryptocurrency fraud case.
Yeruva Sleeva Ravi Kumar Reddy, also known as Y.S. Ravi Kumar Reddy, 54, a resident of Chennai, was taken into custody on March 6 and subsequently remanded to judicial custody.
The case revolves around a fraudulent scheme orchestrated by the main accused, Kurrimela Ramesh Goud, and his associates, who created a fake website under the name GBR. They allegedly lured investors through a WhatsApp group, promising high returns on cryptocurrency investments.
“Victims, including the complainant, Arra Manoz Kumar from Karimnagar, and 43 others, transferred approximately ₹95 crore to the accused and his family members. However, the accused failed to return the investments, defrauding them,” said the police.
A case was registered with the CID Hyderabad, under Sections 420 and 120-B of the Indian Penal Code (IPC), Section 5 of the Telangana Protection of Depositors and Financial Establishment Act, 1999, and Section 5 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
The main accused, Kurrimela Ramesh Goud, a resident of Jangaon district, was arrested earlier.
Published - March 07, 2025 07:37 pm IST
