Big Crypto Scam Busted: Karimnagar Ex-Corporator Behind Rs 1.2 Crore Fraud

Last Updated:September 14, 2025, 16:02 IST

The fraudster promised the investors threefold returns within 90 days.

(Image: News18 Telugu)

A massive crypto scam has come to light in Telangana’s Karimnagar, where gullible investors were lured with promises of triple returns in just three months. The prime accused, former corporator Katta Satish, was arrested by Karimnagar Rural Police on Friday.

The case came to light after a victim, Bhaskar, filed a complaint on September 11, 2025. According to him, Satish—an acquaintance from Kothirampur—convinced him to invest Rs 15 lakh in a so-called “crypto scheme" in June 2024. Satish promised Bhaskar threefold returns within 90 days.

Greedy for more profit, Bhaskar introduced 17 friends and relatives into the scheme. Together, the victims handed over a whopping Rs 1.20 crore to Satish and his associates. But when the promised time ended, Satish returned nothing. Instead, he began threatening those who demanded their money back.

Acting on the complaint, Inspector A. Niranjan Reddy formed a special team and laid a trap to arrest Satish. Police seized an iPad, two mobile phones, and his bank records for investigation. He was produced in court and remanded to custody. Police revealed that two more accused are absconding, and special teams are tracking them.

Authorities have warned the public to beware of such “get-rich-quick" frauds. “Money doesn’t multiply overnight—don’t fall prey to flashy scams," officials cautioned. They urged people to verify the credibility of any scheme before investing, stressing that with growing technology, online fraud is on the rise.

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The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk d...

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News india Big Crypto Scam Busted: Karimnagar Ex-Corporator Behind Rs 1.2 Crore Fraud