Visakhapatnam: A cryptocurrency scam allegedly run by two police constables has come to light in Vizag city. Preliminary estimates suggest that around 230 police personnel may have lost investments totaling approximately ₹7 crore in the fraud.Constable Lovaraju of the 2007 Rural AR batch was reportedly the primary operator, while a 2009-batch constable named Siva was also involved. The duo allegedly lured victims by promising monthly returns of ₹50,000 on investments of ₹3 lakh.Although the police department became aware of the alleged scam, officials are yet to begin formal investigation. Vizag city police chief Dr. Shanka Brata Bagchi stated that without formal complaints from victims, police could not register a case or proceed with official action. He appealed to victims to file complaints so that appropriate measures could be taken.The scheme promised substantial returns, with investors told they would receive ₹1,200 daily for 110 days (totaling ₹1,32,000) on a ₹3 lakh investment, with the principal amount to be returned after the period ended. The scam operated under various names, including Yes World, UB Coin, GTFS, and EPZ. Recruiters were incentivized with higher “star ratings” and commissions for bringing in more participants.
230 police personnel lose ₹7 crore to cryptocurrency scam in Vizag
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