Four Arrested for Rs 7 Lakh Crypto Fraud and Snatching in Bandlaguda

Four persons were arrested by the Bandlaguda police on Monday for allegedly cheating a businessman through cryptocurrency transactions and forcibly snatching Rs 7 lakh at Ismail Nagar in Bandlaguda.

The action followed a complaint lodged on Saturday by JR Chowdary, a businessman from Begum Bazar. According to Chandrayangutta Assistant Commissioner of Police A Sudhakar, the complainant stated that a group of individuals cheated him in the name of a cryptocurrency transaction and forcibly took Rs 7 lakh from him.

Following the complaint, police launched an investigation and arrested four suspects: Saber Bin Ahmed Hadrani alias Saif, 23, a fitness trainer; Mohammed Abul Salam, 19, a student; Mohammed Anas, 21, a student; and Mohammed Asif, 27, a driver.

Police said the investigation revealed that the suspects approached potential victims through Facebook, luring them with offers of cryptocurrency deals. After gaining their confidence, the accused called the victims to a designated location on the pretext of facilitating the transaction, where they allegedly committed the offence upon their arrival.

According to the ACP, the arrested suspects were allegedly involved in four similar cases registered across the Bandlaguda and Chandrayangutta police stations.

Efforts are currently underway to trace and apprehend another suspect named Asif, who is absconding, and to recover the stolen money.