(Image source from: Thenewsminute.com)

Rs 10 Cr Cryptocurrency Racket Busted In Hyderabad:- Hyderabad Task Force cops conducted raids across the city and busted out a Cryptocurrency racket. The raid in the office of GRM Estates Pvt Ltd located in old bowenpally busted this racket. The office was running on the banks of multi-level marketing scheme and the cops arrested five people related with this case. The main accused has been identified as Gardas Ramesh, a 46-year-old real estate owner and his associates Sudagoni Sathaiah, Namalla Venkatesh, Kunchala Hari Gopal and Chandupatla Srinivas.

Ramesh made a clear plan to gain easy money after which he started a multi-level marketing business with the name Coinx Trade. He lured the public promising them to make rich in a short span and with high returns. Ramesh wanted people to invest in Coinx Trading which was organized from UK and USA. Coinx Trade cheated several victims after which the cops have been informed. Rs 1.8 crore worth material have been seized during the raids. The cops informed that Ramesh was a habitual offender and he has been accused in three other cases. The accused paid benefits to the customers initially to attract different customers. 10 FIRs have been registered under several sections.