Two More Accused Arrested In GBR Crypto Coin Case

In continuation of the arrest of Kurrimela Ramesh Goud of GBR Crypto Coin, along with co-accused Kurrimela Uma Rani, Netala Suresh Kumar and Y S Ravi Kumar Reddy, on May 18, the CID team today arrested two more individuals - Kodavatikanti Sudhakar alias K Sudhakar and Karnati Ramesh Reddy.

They were arrested on May 18 at the residence of Ramesh Reddy in Nagarjuna Colony, Hayathnagar, Ranga Reddy district, by a special team of the CID, Telangana.

Both are old acquaintances of the main accused Ramesh Goud and co-accused Y S Ravi Kumar Reddy (partner), who were previously arrested.

The police seized an iPhone from Sudhakar and a OnePlus mobile phone from Ramesh Reddy.

The two arrested individuals were actively involved in the commission of the crime and had received proceeds from the fraud. They will be produced before the Magistrate for judicial remand.

The case pertains to charges of cheating and criminal conspiracy. The accused allegedly defrauded depositors by collecting their hard-earned money under the guise of investments in GBR Crypto Coin (www.gbrglobals.io). They induced victims with promises of high returns through short-term plans, and amassed approximately Rs 95 crore from around 1,400 depositors.

Following a complaint from a victim, a case was registered for offences under Sections 420 and 120-B of the IPC, Section 5 of the Telangana Protection of Depositors and Financial Establishments Act, 1999, and Section 5 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

The investigation is being carried out by the CID under the direction of Shikha Goel, IPS, Director General, CID Telangana, Hyderabad.