A major cryptocurrency scam has been uncovered in Karimnagar, Telangana, where investors were duped with false promises of tripling their money in just 90 days. The prime accused, former corporator Katta Satish, was arrested by Karimnagar Rural Police on Friday.
The case surfaced after Bhaskar, a resident of Kothirampur, filed a police complaint on September 11, 2025. He alleged that Satish, whom he personally knew, convinced him to invest ₹15 lakh in a high-return “crypto scheme” back in June 2024.
Enticed by the promise of threefold returns within three months, Bhaskar also referred 17 friends and relatives, collectively investing over Rs1.20 crore. However, when the maturity period ended, Satish failed to return any money and instead began threatening those who demanded repayment.
Acting swiftly, Inspector A. Niranjan Reddy formed a special task force and laid a trap to arrest Satish. Police have seized key evidence including:
An iPad
Two mobile phones
Bank transaction records
Satish was produced in court and remanded to custody. Authorities revealed that two more suspects are absconding, and special teams have been deployed to track them down.
Officials issued a strong warning to the public against falling for such “get-rich-quick” scams. “Money doesn’t multiply overnight—verify before you invest,” said police, stressing the need for caution in the face of rising online fraud.
