Sat Feb 22 15:32:48 UTC 2025: ## Hyderabad Police Bust Cryptocurrency Scam, Arrest Chennai-Based Fraudster

**Hyderabad, February 22, 2025** – Hyderabad police have arrested a 41-year-old man, S. Ramakrishna Reddy, for allegedly defrauding a cryptocurrency investor of ₹8.5 lakh. Reddy, who was apprehended in Chennai, operated a fraudulent cryptocurrency exchange, Bitcoin India Software Services Pvt. Ltd., using a seemingly legitimate app and website.

The victim, a 35-year-old Jubilee Hills resident, reported purchasing Siacoin through the platform. His account was subsequently suspended, and his funds disappeared, allegedly deducted as a “maintenance fee.” Police investigations revealed that Reddy and his brother lured investors with cryptocurrency purchases before seizing their funds. The brothers became unresponsive when customers sought help.

Police warn cryptocurrency users to download apps only from official app stores and verify deposit addresses before transferring funds to avoid similar scams. The investigation highlights the growing threat of cryptocurrency fraud and the importance of online vigilance.

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