Hyderabad, Feb. 23 -- A man was recently arrested for committing a cryptocurrency cyber fraud worth Rs 8,49, 585 in Hyderabad. The accused lured people into investing in his own cryptocurrency firm.

The accused was identified as S Ramakrishna Reddy, who along with his brother hatched a plan to cheat the innocent cryptocurrency traders across India and thus to gain easy money.

Accordingly, they opened a company called Bitcoin India Software Services Pvt. Ltd. and created a cryptocurrency application "Bitcoin India Wallet & Exchange and a website.

Reddy was arrested by the cybercrime unit of the Hyderabad police following a complaint by the victim.

According to the complaint, the victim's account was suspended for an undisclosed reason....