The Nandyal District Police have arrested 47-year-old Chanda Ramanjaneyulu from Dhone town for defrauding over 300 people in a cryptocurrency investment scam. The accused promised huge returns on investments but failed to deliver the promised interest, duping investors of nearly Rs23 crore. Police have also frozen Rs2.45 crore in his bank account.
According to Dhone Deputy Superintendent of Police (DSP) Srinivasulu, Ramanjaneyulu initially worked in an ayurvedic medicine shop since November 2021. He later set up an office in the same shop and began luring people with promises of monthly returns. He promised investors Rs10,000 per month for every Rs1 lakh they invested, claiming the money would be used for cryptocurrency investments.
However, the promised returns never materialized, and the accused is now under arrest. The police have urged anyone who believes they were duped by Ramanjaneyulu’s scheme to come forward and lodge a complaint.
The investigation is ongoing, and authorities are working to recover additional funds linked to the scam.
