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Crypto Crash Leads To Telangana Man’s Suicide, Loses Rs 70 Lakh In Bitcoin Trading

A man in Telangana’s Suryapet town committed suicide after losing money in cryptocurrencies. This is the first of a kind case related to suicide owing to the crash of cryptocurrencies. This was followed by the government’s decision to bring a bill to ban private currencies.

G. Ramalingaswamy (36), from Khammam, allegedly poisoned himself in a lodge in Suryapet town.

Police retrieved his body from a room late Wednesday after the lodge owner complained that the man living in the room was not responding to door knocks.

The body was taken for an autopsy by police. According to a police official, the man may have taken this drastic action on Tuesday.

According to deceased relatives, the man had been investing in online trading of cryptocurrencies including bitcoin programme with two friends. They started with a Rs 10 lakh investment and raised it after seeing some decent results, but later on they experienced tremendous losses. He was said to have lost Rs 70 lakh, which he had obtained through loans.

They claimed that those who had lent him money had begun to put pressure on him to repay. They had confiscated his car and forced him to sign some cheques.

Ramalingaswamy went to Suryapet town on November 22 and stayed in a lodging, distraught over losing the money and unable to bear the claimed harassment by the lenders. Police also discovered a suicide note that the man had left for his wife.  

Many people have allegedly lost their money by investing in dubious crypto applications. The Indian government is now mulling to ban all the private currencies and roll out its own digital currency, which is being regulated and monitored for security purpose.

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