Two men from Andhra Pradesh have been arrested over an alleged fake crypto investment platform that investigators say drew in about 500 victims, as a separate case involving thousands of investors highlights the scale of suspected financial fraud in Adilabad.
Adilabad police have arrested two men from Andhra Pradesh in connection with a cryptocurrency investment fraud they say drew in about 500 victims and may have caused losses of more than Rs 10 crore. According to police, the pair promoted a fake online platform and persuaded people to hand over money with promises that their investments would be doubled within two years. Officers said the alleged operation used a classic Ponzi-style structure, with returns paid from fresh deposits rather than any genuine business activity.
Investigators said the suspects offered investment plans starting at Rs 1,000 and rising to Rs 3 lakh, while also promising commissions of as much as 25% to members who recruited others. The model appears to have been designed to expand quickly through word of mouth, online meetings and presentations held at different locations. Police said victims were told to register on the website and transfer funds through digital payment systems or crypto exchanges, after which account balances on the platform were shown as if profits had been earned.
The arrests came after complaints from three victims in Adilabad, who said about Rs 21 lakh had been collected from them. The New Indian Express reported that one of the complainants, from Talamadugu mandal, said he invested Rs 7.5 lakh and could not recover it. Police said cases were registered against six people in all, and that property linked to the accused was seized in Zaheerabad and Rajahmundry along with mobile phones that may help investigators trace the money trail and identify additional victims.
In a separate case that underscores the scale of investment fraud complaints in the district, police later arrested Raj Kumar Roy, also known as Raj Kumar Kailash Rai, the managing director of Unique Mercantile India Limited. Officials said that case may have affected more than 10,000 investors nationwide, with around 2,000 in Adilabad alone and transactions estimated at between Rs 7 crore and Rs 8 crore. According to police, investors were drawn in through schemes under the Unique Mercantile India and Unique SMCS brands, including annual payment plans, monthly instalments and fixed deposits, while some were promised plots or other added benefits. Investigators believe part of the money was used to buy hotels, land and plots in several states.
Adilabad District Superintendent of Police Akhil Mahajan has urged anyone who invested in the companies and believes they were cheated to approach the nearest police station without hesitation. He asked people to bring receipts, bank statements, agreements and any other supporting records so officers can reconstruct the flow of funds. Mahajan also warned the public not to rely on claims of unusually high returns without checking whether a company is properly registered and credible.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
