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States » SouthPosted at: May 19 2025 7:10PM


Two more arrested by CID Telangana in Rs 95 crore GBR crypto coin scam

Hyderabad, May 19 (UNI) The Economic Offences Wing (EOW) of the Crime Investigation Department (CID), Telangana, has made two more arrests in connection with the massive GBR Crypto Coin scam, taking the total number of accused in custody to eight.

The scam, involving over Rs 95 crore, defrauded more than 1,200 unsuspecting investors with promises of high returns through a fraudulent cryptocurrency scheme.

On May 18, 2025, the CID team apprehended Kodavatikanti Sudhakar (42), a resident of A N Colony, Sainikpuri, Secunderabad, and Karnati Ramesh Reddy (49), from Hastinapuram, Vanasthalipuram, Ranga Reddy district.

Both were arrested from the residence of Ramesh Reddy at Nagarjuna Colony, near Naveen Model School, Hayathnagar. They are long-time associates of the main accused, Kurrimela Ramesh Goud (A-1), and previously arrested partner Y.S. Ravi Kumar Reddy (A-7).

According to CID officials, the arrested individuals were active participants in the fraudulent operation and had received proceeds from the scam. The CID seized an iPhone from Sudhakar and a OnePlus mobile phone from Ramesh Reddy.

They were being produced before the Magistrate for judicial remand.

The case, registered under Crime No. 13/2024 at CID Police Station, Hyderabad, is being investigated under Sections 420 and 120-B IPC, Section 5 of the Telangana Protection of Depositors and Financial Establishments Act, 1999, and Section 5 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. The case is currently under the jurisdiction of CID RO Karimnagar.

Investigations revealed that the prime accused, Ramesh Goud, established a fraudulent MLM scheme under the name GBR (Golden Bear Reality) with the intention of cheating investors.

In collaboration with Y S Ravi Kumar Reddy (A-7), Goud launched a fake website (www.gbrglobals.io), developed by Akshvin Damihar and Swapnil Anil Ghutke from Nagpur, Maharashtra. To lure investors, they organized a promotional event at Ramoji Film City on April 9, 2022.

With the involvement of co-accused including Uma Rani (A-2), Netala Suresh Kumar (A-6), Bhaskar Reddy (A-8), and the newly arrested Sudhakar (A-11) and Ramesh Reddy (A-12), the GBR Crypto Coin business was launched, collecting crores in deposits from the public.

The proceeds were later diverted into private businesses such as UR Apparels and URK Apparels, where Sudhakar and Ramesh Reddy were made directors and partners. The fraudulent website was eventually shut down, and the accused absconded after misappropriating investor funds, a CID statement said on Monday.
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Tags: #Two more arrested by CID Telangana in Rs 95 crore GBR crypto coin scam
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