Abstract：Police in Adilabad, in the southern Indian state of Telangana, have arrested two men in connection with an alleged cryptocurrency investment fraud that investigators say cheated around 500 people across Telangana and Andhra Pradesh of roughly ₹10 crore. The Adilabad One Town police said the arrests were made on Sunday, October 11, 2026, and that two mobile phones and documents relating to two properties allegedly linked to the accused were seized.
Police in Adilabad, in the southern Indian state of Telangana, have arrested two men in connection with an alleged cryptocurrency investment fraud that investigators say cheated around 500 people across Telangana and Andhra Pradesh of roughly ₹10 crore. The Adilabad One Town police said the arrests were made on Sunday, October 11, 2026, and that two mobile phones and documents relating to two properties allegedly linked to the accused were seized.
ContentsAdilabad Superintendent of Police Akhil Mahajan said at a press conference in Adilabad on Sunday that the accused allegedly lured people into investing through a Ponzi scheme and a multi-level marketing network operated via a website. A Ponzi scheme is a fraud that pays early investors with money from new investors rather than from real profits, while multi-level marketing involves recruiting new participants who pay to join. According to the SP, the scheme promised to double investors' money within two years.
The arrested men were identified as Polamarasetty Ratnaraju, 47, and Dondapati Lakshmana Rao, also known as Lazarus, 46. Both are from Andhra Pradesh, the SP said. Police described the operation as a six-member inter-State gang, meaning the group is alleged to have operated across more than one Indian state.
The case was registered after a complaint by Narsimulu of Ruyyadi village in Adilabad district, who reportedly invested ₹7.50 lakh in 2023. He approached the police after the accused allegedly failed to return his money despite repeated requests. Two other victims from Adilabad district reported losses of ₹7.50 lakh and ₹6.21 lakh respectively.
The police estimate that around 500 people across Telangana and Andhra Pradesh were cheated, with the alleged fraud valued at about ₹10 crore. Those figures come from the police and have not been independently verified in the source material.
Police registered a case under Sections 420 and 409 of the Indian Penal Code, which deal with cheating and criminal breach of trust by a public servant or in certain fiduciary capacities, along with Sections 3 and 4 of the Prize Chits and Money Circulation Schemes (Banning) Act. That law bans schemes that promise quick or easy money based on enrolling new members. Further investigation is underway, police said.
The source material does not identify the other four members of the alleged six-member gang, describe the website used, or say whether any of the money has been recovered. It also does not include any response from the arrested men or their legal representatives, or details on their current custody status.
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