In a significant crackdown on financial fraud, Nirmal police arrested three government teachers on Wednesday for their alleged roles in a fraudulent cryptocurrency scheme involving “U Bitcoin.” The accused have been identified as Dasari Ramesh from Kannapur village, Bommidi Dhanunjay from Sonala village, and Kiram Venkatesh Goud from MPP Daujinayat Thanda.
According to SP Dr. G. Janaki Sharmila, the criminals are increasingly leveraging new technologies to scam individuals and make quick profits. The accused targeted government employees, businesspeople, and middle-class individuals, deceiving them into investing in the bogus cryptocurrency scheme. Many victims realized they had been defrauded only after their investments were made, prompting multiple complaints to the police.
Reports indicate that the three teachers admitted their involvement, driven by a desire for easy money. The SP disclosed that the mastermind behind the operation, Brij Mohan Singh, had a history of similar fraudulent activities. Authorities have already frozen 11 bank accounts linked to the scam and are actively tracing financial transactions to identify additional accounts and related assets.
Dr. Sharmila urged other victims to step forward and cooperate with the police to assist in recovering their lost investments. She also warned the public about the risks associated with cryptocurrency trading, assuring them that efforts are underway to track down all individuals involved in these financial crimes.
Earlier, on September 1, five other individuals—including a former Indian Army soldier, an Excise Sub-Inspector, a police constable, and two government teachers—were arrested for allegedly scamming around 5,000 people through a fraudulent UBIT cryptocurrency and multi-level marketing scheme, valued at approximately Rs50 crore.