Amaravati, January 05, 2026: Visakhapatnam cybercrime police arrested four local men in a crypto-based multi-level marketing scam that lured investors with guaranteed high returns through fake tokens and referral chains.
The accused Nagireddy Sudheer Naidu, Mangi Soma Raju, Gurala Srikanth, and Allipalli Venkata Ramesh Babu operated under names like UMT (Unity Meta Token), UBIT, Ultraverse, and MMMC.
They promised 0.4% daily ROI for 500 days with no real product or business, paying early investors using new funds in classic Ponzi fashion. Investments ranged from USD 50 to 10,000, drawn in via personal networks and online links offering commissions across 50 referral levels.
Authorities seized crypto apps including SafePal, Binance, CoinDCX, and Coinstore, plus login details.
