Online Investment Scam Busted in Telangana: Two Held for ₹7.32 Lakh Fraud
The Rajanna Sircilla district police have arrested two individuals from Aligarh, Uttar Pradesh, for running an online investment scam via the XTcoin.com platform, targeting unsuspecting victims with promises of high returns on small investments.
Karimnagar: The Rajanna Sircilla district police have arrested two individuals from Aligarh, Uttar Pradesh, for running an online investment scam via the XTcoin.com platform, targeting unsuspecting victims with promises of high returns on small investments.
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According to Superintendent of Police Mahesh B. Gite, the accused – Kapil Sharma (21) and Pankaj Kaushik (24) – created a fake investment model using a web app and distributed links via WhatsApp to trap victims across Telangana and beyond.
Software Engineer Loses ₹7.32 Lakh to Scam Website
One of the primary victims, Gugulothu Ramesh, a software employee from Chandurthi village, fell prey to the fraudulent scheme. Initially investing ₹2,500, Ramesh was convinced to invest larger amounts after being shown fake profits on the website.
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Eventually, he attempted to withdraw ₹7.32 lakh, only to discover that the XTcoin.com website had been shut down, and all contact with the scammers was lost.
Realizing he had been duped, Ramesh filed a complaint at the Chandurthi Police Station, triggering a full-scale cyber investigation.
Cyber Crime Unit Tracks Down Scammers in Rajasthan
Using advanced cyber tracking tools, the police team traced the suspects to Jaipur, Rajasthan, where both were arrested and brought back to Rajanna Sircilla district for remand.
SP Commends Cyber Crime Team for Swift Action
SP Mahesh B. Gite praised the swift and efficient response of the investigation team, which included:
- Inspector Venkateshwarlu
- Cyber Crime SI Junaid
- Head Constable Gangaram
- Cyber Crime Constable Mahesh
“This case is a reminder to the public to remain vigilant and avoid investment schemes that sound too good to be true, especially those shared through unofficial platforms like WhatsApp,” said SP Gite.
Warning to Public: Stay Alert Against Online Investment Frauds
Police are urging the public to be cautious about online investment schemes, particularly those involving unfamiliar websites or unverified cryptocurrency platforms.
The investigation is ongoing, and authorities are working to identify other victims and trace the full extent of the scam.
