Archive · 27 Nov 2025
Constables Allegedly Ran Rs 7 Crore Crypto Racket
Two police constables in Visakhapatnam, India, are accused of running a crypto-currency scam.
They promised other police officers high returns on their investments.
Over 230 officers reportedly lost around Rs 7 crore.
The scheme promised Rs 50,000 monthly returns on a Rs 3 lakh investment.
The police are investigating but need formal complaints to take action.
The scheme operated under different names like Yes World and UB Coin.
The constables also offered higher ratings and commissions to those who brought in new participants.
Two constables allegedly ran a crypto-currency racket in Visakhapatnam, defrauding over 230 police officers of Rs 7 crore.
The scheme promised monthly returns of Rs 50,000 on investments of Rs 3 lakh.
Investors were told they would receive Rs 1,200 daily for 110 days, totaling Rs 1,32,000 per Rs 3 lakh investment.
The racket operated under various names including Yes World, UB Coin, GTFS, and EPZ.com.
The police department is investigating but needs formal complaints to register a case or take disciplinary action.
- Who
- Two constables, Lovaraju and Siva, and over 230 police officers who invested
- What
- A crypto-currency racket promising high returns
- When
- The police department became aware of the racket two days ago
- Where
- Visakhapatnam, India
- Why
- To defraud investors by promising substantial returns on investments
- Estimated Amount Scammed
- Rs 7 crore
- Number of Police Officers Affected
- Over 230
- Promised Monthly Returns
- Rs 50,000
- Investment Amount
- Rs 3 lakh
- Daily Returns Promised
- Rs 1,200 for 110 days
- Total Returns Promised
- Rs 1,32,000 per Rs 3 lakh investment
- Names Used for the Scheme
- Yes World, UB Coin, GTFS, EPZ.com
- Investigation Status
- Under investigation by cybercrime police