Crypto currency racket busted in Hyderabad, 3 held

The Rachakonda cyber crime police have busted a crypto currency racket and arrested a three-member gang. The police also restricted the bank transactions of Rs 50 lakh from their bank accounts.

They seized cheque books, six ATM cards, six SIM cards from them. The police said that Chota Bhai, kingpin in the case is said to have collaborated with a bank employee Siliguri of West Bengal to commit the offence.

"The accused defrauded the people by establishing shell companies and collected the details of 64 bank accounts. They promised of huge money to the victims who invested online in the shell companies," the police said.

One of the victims, who lost Rs 86 lakh in the fraud approached the police who registered a case and launched a probe.