RCP leader warns public against rising crypto and lottery scams

Kadapa – Andhra Pradesh: In Kadapa, the Rayalaseema Communist Party (RCP) has issued a strong warning to the public after visiting a man who attempted suicide due to severe financial losses from lottery schemes and cryptocurrency scams.

Victim’s ordeal highlights growing financial traps

RCP State Secretary Ravi Shankar Reddy visited Tulsi Ram, currently under treatment at RIMS Hospital after reportedly losing lakhs of rupees through lottery tickets and unregulated crypto schemes. He said it is “rare to survive a shock of this magnitude,” urging citizens to stay far away from such fraudulent ventures.

Middlemen luring the poor with false promises

Reddy stated that middlemen are enticing poor and vulnerable citizens with fake guarantees of overnight wealth. He warned that these deceptive promises are pushing several into unbearable debt and, tragically, to suicide.

Unregulated schemes turning into deadly traps

The RCP leader cautioned people not to trust operators selling government-unrecognized securities, tokens, or crypto coins. Claims of “high returns for small investments” were nothing but traps, he said. Reddy urged the public to invest only in government-approved institutions and avoid entities mushrooming under misleading names.

Call for special surveillance committees

He demanded that authorities set up dedicated surveillance committees to crack down on illegal financial operations, prevent exploitation, and protect citizens from devastating losses.

Madagalam Prasad, Vijay Kumar, Kondayya, Gangaiya, Vinod, Ajith and others were present during the visit and press interaction.