Karimnagar, Oct. 16 -- The Karimnagar police have arrested the kingpin of the 'Meta Fund' fraud case, police said here on Thursday.
Varala Lokeshwar Rao, who had expertise in software application design, allegedly created a fake cryptocurrency application and cheated investors by promising high returns. He was apprehended on Wednesday night at Alugunur, on the outskirts of Karimnagar town, according Karimnagar commissioner of police Gaush Alam.
Resident of Malkajgiri in Hyderabad, Lokeshwar Rao, with the help of several accomplices from Karimnagar, collected more than Rs 25 crore from the public.
Lokeshwar Rao used it to develop a fake Meta Fund app and associated digital coins.
Victims were lured with promises of triple returns within ...