ADILABAD: In a crackdown on a fraudulent cryptocurrency scheme, Nirmal police arrested three government teachers on Wednesday for allegedly deceiving individuals into investing in "U Bitcoin."
The accused have been identified as Dasari Ramesh, a teacher from Kannapur village in Kadam mandal; Bommidi Dhanunjay, a teacher from Sonala village in Boath mandal; and Kiram Venkatesh Goud, a teacher from MPP Daujinayat Thanda in Kubeer mandal.
Superintendent of Police Dr. G. Janaki Sharmila stated that many individuals exploit new technologies to perpetrate scams for quick financial gain. “The accused primarily targeted government employees, businesspeople, and middle-class individuals. The scam extended across the district, reaching from Kadam to various other areas. Many victims only realized they had been defrauded after investing in the fraudulent cryptocurrency and subsequently filed complaints with the police,” she added.