Visakhapatnam: A cryptocurrency fraud case has emerged in Visakhapatnam, leading to the arrest of Mohammed Azeem Khan by the Kancharapalem police.
He is accused of deceiving investors with promises of high returns. Operating from Botsa Square Apartments near Birla Junction, Mohammed Azeem Khan ran websites under the names Punk Panda, ITC Global, and Kegush. He convinced victims through Zoom meetings that investing in these platforms would generate substantial profits in a short time, with guaranteed returns.
On Tuesday, police arrested Mohammed Azeem Khan following a complaint filed by P. Ratnaraju, a resident of NAD Junction. Ratnaraju had invested ₹36 lakh between 2021 and 2025 and subsequently introduced Mohammed Azeem Khan to his friends and colleagues across Telugu-speaking states.
Through this network, Mohammed Azeem Khan allegedly collected nearly ₹10 crore from around 50 individuals.
After shutting down the websites and cutting off communication, he reportedly threatened Ratnaraju when he demanded a refund.
Claiming to have connections with senior police officials and government figures, Mohammed Azeem Khan warned Ratnaraju that he would be framed in a “honeytrap” case unless he paid ₹20 lakh. Intimidated by these threats, Ratnaraju eventually paid ₹10 lakh before deciding to file a complaint.
CI K. Ravikumar registered a case based on the evidence provided and took Mohammed Azeem Khan into custody. The investigation is ongoing, with police examining the scope of the fraud and working to identify other potential victims.
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