COINZX Crypto Fraud: Hyderabad Investor Files Complaint

Crypto Investment Fraud: Goshamahal resident files complaint against COINZX

Listen to Story

Durga Prasad Sunku 12 Feb 2025 5:33 PM

News in short:

A Hyderabad resident, Jitender Puri, has filed a complaint with the Central Crime Station (CCS) alleging that cryptocurrency platform COINZX and its top management, including Ravi Masai, Ramesh Puri, Tejas Goswami, and Vijay Puri, have orchestrated a multi-crore investment fraud. The scheme promised unrealistic returns of Rs. 11,000 per month on investments of Rs. 1.2 lakhs over 22 months. Puri and other investors received payments for four months before the company ceased operations and ignored attempts to contact them. Puri, who invested Rs. 50 lakhs, is facing pressure from other investors who trusted his recommendation. He has provided evidence including payment records and photographs of the company officials. The police have launched an investigation and are concerned that Ravi Masai may be planning to launch a similar fraudulent venture.

Hyderabad: A promise of double returns has turned into a nightmare for a Goshamahal resident and other Hyderabad investors as cryptocurrency platform COINZX and its officials face serious fraud allegations in what appears to be a meticulously planned investment scheme

Fraud came to light after Jitender Puri resident of Goshamahal filed a complaint with Central Crime Station (CCS) of Hyderabad. It was alleged that cryptocurrency platform COINZX and its top management allegedly orchestrated a multi-crore investment fraud in Hyderabad. The case was registered on February 11, 2025, following a complaint.

According to the complaint, COINZX’s Managing Director Ravi Masai and associates Ramesh Puri, Tejas Goswami, and Vijay Puri are accused of running a fraudulent investment scheme promising unrealistic returns. The scheme offered monthly returns of Rs. 11,000 on investments of Rs 1.2 lakhs over 22 months.

Step-by-Step Guide for LRS Payment Online in Telangana

Confused about LRS payment? Here’s how you can pay online

The complainant invested Rs. 1.2 lakhs in the scheme introduced by Ramesh Puri. After four months of regular payments,Puri gained confidence in the company and recommended the investment to his friends and relatives, leading to approximately Rs. 2 crores in collective investments.

“Despite waiting four months, we received no payments. When we confronted the company again, they falsely assured us that all dues would be settled after 20 months. Trusting them, we waited, only to realize the company had ceased operations. Attempts to contact COINZX representatives Ravi Masai and Ramesh Puri were ignored. Eventually, they declared the company had failed and that investors would wait indefinitely to recover their funds, said Puri in his complaint.

The complaint reveals that Ravi Masai allegedly plans to launch a similar venture, with a meeting in Goa raising concerns about potential fraudulent activities. After learning that Ravi Mahaseth is planning to launch a new company similar to COINZX and is organizing a meeting in Goa on February 12-14, 2025, he filed a complaint with the Central Crime Station (CCS) police of Hyderabad. The complainant added that this raises concerns about further fraudulent activities and more victims.

Puri, who invested Rs. 50 lakhs in the scheme, is facing pressure from other investors who trusted his recommendation. He has submitted evidence to support his complaint, including payment records, communications, and photographs of the company officials.The police have started an investigation. Further investigation is underway.