Andhra Pradesh: Thousands In North Andhra Lose Crores In Ponzi Scheme

The victims include government employees, teachers, traders, and political leaders. They all fell victim to the lure of receiving ₹1,000 per lakh per day on investments ranging from ₹50,000 to ₹3 lakh. Sources said QVSE is a trading app that supposedly collected rupees from Indians and invested in dollar-based schemes. The investors received a trading code from Global Investment Group chat through BonChat app daily at 6 p.m. and 8.30 p.m. daily. Investors must enter the code in the QVSE app, after which income against the amount they invested would be transferred into their accounts Binance app. In this manner, investors received ₹1,000 a day per lakh invested. Sources said victims, mostly from ASR agency and rural areas of Anakapalli, invested in the QVSE. All their payments came to a halt on August 24, with members receiving a message that their funds are being diverted for charity work and payments would resume from September 3. On September 3, members received a message asking them to pay $500 for renewing the account and withdraw up to $800. Again, another message said normal withdrawals will take place from September 12,'' said a local trader who had invested ₹3 lakh. So far, no complaint has been lodged either in Visakhapatnam or ASR district. "I have just heard rumours of it. So far, none has come forward with a complaint. We have been warning the public through posters and advertisements not to fall for such investment apps," ASR district superintendent of police Amit Bardar underlined. In Visakhapatnam, Cyber Crime wing inspector K. Bhavani Prasad said he too has heard about the app, but has not received any complaint. Victims are in a dilemma whether to lodge a complaint with police or keep quiet and bear their losses.