Hyderabad, Feb. 21 -- A man was arrested on Thursday, February 20 for cryptocurrency fraud in Hyderabad in the name of Morgan Stanley, an investment banking company.

The accused has been identified as 22-year-old Pathi Manikanta from YSR Kadapa district in Andhra Pradesh. Manikanta was in touch with crypto traders, agents and Chinese nationals. In 2024, the cybercrime unit of the Cyberabad police booked a case against the accused based on a complaint by a software engineer.

The complainant stated that he was duped of of 55,066 USDT (Known as tether, it is a cryptocurrency that's designed to maintain the same value as the US dollar), equivalent to Rs. 52.31 lakh on the pretext of an investment scheme impersonating Morgan Stanley.

Accord...