Telangana man kills self after losing Rs 70 lakh to cryptocurrency

A man in Telangana’s Suryapet town allegedly committed suicide after losing money in cryptocurrency, the police said, according to an IANS report.

G Ramalingaswamy, 36, hailing from Khammam, allegedly killed himself by consuming poison at a lodge in Suryapet town. The police late on Wednesday recovered his body from a room after the lodge owner registered a complaint that the person staying in the room was not responding to door knocks.

The police have shifted the body for autopsy. A police official reportedly said the man may have resorted to taking the extreme step on Tuesday.

The police also recovered a suicide note left behind by the man for his wife. According to the family members, the man along with two friends had been investing in online trading on cryptocurrency app. They initially invested Rs 10 lakh and after getting some good returns increased the investments but suffered huge losses.

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He reportedly lost Rs 70 lakh, which he had raised through loans. They alleged that those who had lent him money had started pressuring him to repay. They had taken away his car and made him sign some cheques.

Shocked over losing the money and unable to bear the alleged harassment by the lenders, Ramalingaswamy went to Suryapet town on November 22 and put up at the lodge where he reportedly committed suicide later.