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Image Source: PTI
Telangana man commits suicide after losing Rs 70 lakh in cryptocurrency
Highlights The man allegedly committed suicide by consuming poison at a lodge in the town of Suryapet The man and two friends had invested in online trading on the cryptocurrency app.
A man in the town of Suryapet in Telangana is said to have committed suicide after losing money in cryptocurrency, police said. G. Ramalingaswamy (36 years old), originally from Khammam, allegedly committed suicide by consuming poison in a lodge in the town of Suryapet.
Police recovered his body from a room late Wednesday after the lodge owner filed a complaint that the person staying in the room was not responding to knocking on the door.
Police moved the body for an autopsy. A police official said the man may have taken an extreme step on Tuesday.
Police also recovered a suicide note left by the man for his wife.
According to family members, the man and two friends had invested in online trading on a cryptocurrency app. They initially invested Rs 10 lakh and after getting good returns they increased their investments but suffered huge losses. He would have lost Rs 70 lakh, which he had raised thanks to loans.
They alleged that those who loaned him the money started to pressure him to repay. They confiscated his car and made him sign checks.
Shocked at losing the money and unable to endure the alleged harassment from lenders, Ramalingaswamy visited the town of Suryapet on November 22 and stayed at a lodge.
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