Cyberabad police busts Crypto high return scam, arrests one at KPHB
KPHB: The sleuths of the Economic offence wing(EOW) of Cyberabad arrested a person who indulged in crypto investment fraud on Friday. The accused allegedly lured about 150-200 members by collecting an amount of Rs. 2 crores and cheated them.
The accused has been identified as Gadiraju Guruprasad Raju, Financial Advisor to M/s. Xito consultancy services private limited(XCSPL) Company,
According to the complainant T. Rajendra Prasad and other victims have been lured by the accused company and other accused, made to deposit huge amounts in crores of rupees in various installments to XITO Consultancy Services Pvt. Ltd. They created a website WWW.XCSPL.Com to enroll the potential depositors and provided user ID and Password to the victims.
Further when the depositors tried to withdraw money but the App did not support. Later the accused did not respond and closed their office located in Manjeera Trinity Building premises. The accused lured about 150-200 members by collecting an amount of Rs. 2 crores and cheated them. Subsequeneting after realizing that they were cheated they approached EOW Cyberabad police and requested for appropriate legal action against the accused company.
Explaining the Modus Operandi of the Accused EOW cyberabad police said, “The accused BN Sathish and Avalakondappa Venkata Chalapathi have floated XITO Consultancy Services Pvt. Ltd in the year 2015 with a registered office at Bangalore. Further they opened a branch office at KPHB in collusion with other accused Gadiraju Rajendra Prasad Raju, Gadiraju Guru Prasad Raju, Pasam Venkat Prasad, Baireddy Jyothi, lured innocent depositors by promising huge returns on investments”.
“The accused company created a website WWW.XCSPL.Com to enroll the innocent depositors by offering to give 1:1 return in 3 months and 1:4 returns in 1 year and the locking period is 3 months. The company will provide X- Coins to the depositors /investors equal to their investment. The value of the X- Coin varies from day to day. When the depositors requested to return their money, the accused company did not respond and failed to refund their investment as promised and closed the office. Thus the accused lured innocent public and collected to a tune of Rs. 2 crores and cheated them” said Cyberabad police.
The Cyberabad EOW Police advised the public to beware of the bogus companies which collect deposits in the name of high returns within a short period of time.
