The Nirmal police arrested three individuals on Wednesday for allegedly duping people by promoting a fraudulent UBIT cryptocurrency trading scheme, disguised as a multi-level marketing (MLM) operation. The accused, Dasari Ramesh (40), Bommidi Dhanunjay (34), and Kiram Venkatesh (31), were caught for enticing investors with false promises of substantial returns.
According to the police, the trio lured unsuspecting investors by claiming the UBIT cryptocurrency would deliver enormous profits through their MLM structure. However, once the money was invested, the victims saw no returns, and the promoters disappeared, leaving investors in the lurch.
This scam, which targeted many people, was eventually exposed after complaints were filed by victims who lost significant sums of money. The Nirmal police are continuing their investigation to uncover the full extent of the fraud and track down any other involved parties.