Bitcoin India: Firm accused of Rs 200 Crore Fraud

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Bitcoin India Software Services Ltd a Prakasam-based company has been involved in a 200 crore scam. Indian authorities have issued the notice to the company. It is being reported that the company collected 200 crore rupees from the investors and duped them later. An investor from New Delhi filed the complaint against the company for fraudulently scamming him of his investments by transferring the funds from his wallet to their bank account.

Started in October 2014, the bitcoin trading firm failed to produce any balance sheet or any audit report. The company’s directors Sykam Ramakrishna Reddy and Sykam Sreemannarayana Reddy operated from a remote village in the Andhra Pradesh state of India. Last month CID’s economic offence wing received a report saying that the Bitcoin firm has stopped its operations, but later it was revealed that the company was operating through social media to trick investors.

(left) Sykam Ramakrishna Reddy CEO of the Bitcoin India Software Services Ltd

However, the owners of the firm have denied the allegations of fraud and said that they followed all the rules. The complaints have been filed from different states of the country including Telangana, Delhi and Uttar Pradesh. This fraud has come in light after the RBI declared a ban on all crypto trading firms.

Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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