Telangana: Man Consumes Insecticide After Losing Money In Cryptocurrency, Dies

A Khammam resident who lost a huge sum by investing in cryptocurrency online trading committed suicide by consuming insecticide on Wednesday

Representative Image

Hyderabad: A Khammam resident who lost Rs 70 lakh by investing reportedly in cryptocurrency and other gambling games ended his life by consuming insecticide on Wednesday, police said.

According to police officers and family members of the deceased, Ramalingaswamy (38), a resident of Khammam town, had invested in an online trading crypto app through an intermediary.

The central government has recently announced the introduction of a crypto regulation bill, and there is speculation that many cryptocurrencies will be barred. As a result, the value of digital coins in crypto markets has plummeted. This shattered Ramalingaswamy as he incurred huge losses up to Rs 70 lakh. Investors then confiscated his car and allegedly harassed him by making him sign blank checques, reports ABP Desam.

Ramalingaswamy, who lost a large amount of money, rented a room in a lodge near the new bus stand in Suryapeta town on November 22. When he did not come out of the room for two days, the lodge staff suspected something wrong and informed the management. The door was then broken open and Ramalingaswamy was found dead in the bathroom.

After the hotel management complained to the police, a team arrived at the scene and rushed the man to hospital. Citing his suicide note, the police said Ramalingaswamy killed himself by drinking insecticide. They have registered a case and a probe is on.

The police also advised people to be vigilant when investing in online trading.

(With inputs from ABP Desam — It is a Telugu platform of ABP News. For more news, commentary and latest happenings from two Telugu states, follow https://telugu.abplive.com/)