Bit coin racket in Telugu states was busted by Kanigiri police. It is known that black money holders converted their money into bit coins at the time of demonetisation and also introduced it to the rural people. Kanigiri police busted YCP leader Sykam Ramakrishna Reddy's Bit coin business and kept a check on the racket successfully last year but he is now concentrating on Chennai, Hyderabad and other cities and cheated people by collecting Rs 200 crores from them. Being YCP Sevadal Tamilanadu leader, he is doing bit coin business in Tamilnadu. Police alerted people not to believe in bit coin racket as they would lose their money.