Businessman arrested for bitcoin fraud

Hyderabad: Rachakonda police arrested a businessman for duping a private employee of Rs 16 lakh in the guise of investment in bitcoins. The accused, P Vamsidhar Reddy from KPHB Colony along with Devaraj Reddy and Md Subhan, had duped the victim from Hayathnagara of Rs 16 lakh on the pretext of making an investment in bitcoins.

According to the police, the accused contacted the victim over phone and convinced him to invest in bitcoins through a website. For the initial small investment, the accused gave 40% profit to the victim and later lured him into investing more. “When the victim showed willingness to invest more, he sent him a screenshot of a fake virtual account in his name with 50,000 USD and told him they will give access details of the account once he transfers Rs 16 lakh into their account. The victim transferred the amount and later realised he was duped,” ACP Harinath said. Police arrested Vamsidhar and launched a manhunt to nab the other accused.