Police uncover Rs 100 crore ‘crypto-currency’ fraud in Kerala’s Kannur; four persons arrested

The Kerala police on Monday arrested four persons from Kannur in connection with an investment fraud estimated at around Rs 100 crores, under the cover of cryptocurrency.

Police said crores of rupees have been collected from thousands of investors online by a Bengaluru-based company Long Reach Technologies.

PP Sadanandan, ACP, Kannur said the fraudsters had given advertisements of various schemes online to attract the investors and had also accepted payments online.

The persons arrested are PM Muhammad Riyas (31) of Alampadi, Kasaragod, C Shefeeq (30) of Manjeri, Malappuram, Wasim Munvar Ali (35) of Pavangad, Kozhikode and Muhammad Shafeeq (28) of Vandoor, Malappuram.