Telangana man commits suicide after losing Rs 70 lakh in cryptocurrency

A Telangana resident  allegedly committed suicide after losing money in cryptocurrency, police said. G. Ramalingaswamy (36), hailing from Khammam, allegedly killed himself by consuming poison at a lodge in Suryapet town. Police late on Wednesday recovered his body from a room after the lodge owner lodged a complaint that the person staying in the room was not responding to door knocks. Police shifted the body for autopsy. A police official said the man may have resorted to take the extreme step on Tuesday. 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.

He had 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 was staying in a lodge. The government of India announced has planned to move a Bill regulating private cryptocurrency in India during the upcoming winter session of the Parliament. The decision, which was announced in a Lok Sabha bulletin, has sparked a ripple effect in the cryptocurrency market, as Bitcoin, Solana, Dogecoin prices crashed in the country. According to the bulletin listing the legislative business posted on Lok Sabha’s website, “The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.” The Bill to ban all private cryptocurrencies in India, with a few expectations to promote blockchain technology will be introduced in the upcoming winter session of the parliament.