Two arrested over alleged cryptocurrency investment fraud in Telangana and Andhra Pradesh

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  Police in Adilabad arrested two men over an alleged cryptocurrency investment fraud involving a six-member inter-State gang.

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  Police suspect the gang cheated around 500 people in Telangana and Andhra Pradesh, with losses estimated at about ₹10 crore.

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  The accused allegedly used a Ponzi scheme and multi-level marketing network, promising to double investments within two years.

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  The case followed a complaint from a man who said he invested ₹7.50 lakh in 2023 and did not get his money back.

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  Police seized two mobile phones and documents relating to two properties allegedly linked to the accused.

Who

Police arrested Polamarasetty Ratnaraju and Dondapati Lakshmana Rao, also known as Lazarus. Both are from Andhra Pradesh.

What

They are accused of involvement in a cryptocurrency investment fraud. Police suspect a six-member gang cheated around 500 people.

When

The arrests were made on Sunday, October 11, 2026. The complainant said he invested in 2023.

Where

The arrests were made by Adilabad One Town police. The alleged victims were in Telangana and Andhra Pradesh.

Why

Police allege the gang lured people into investing through a Ponzi scheme and multi-level marketing network, promising to double their investments within two years.

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