Four Arrested in Bandlaguda for Rs 7 Lakh Crypto Extortion

HYDERABAD — Bandlaguda police on Monday arrested four men in Chandrayangutta for allegedly cheating and extorting Rs 7 lakh from a resident under the pretext of facilitating a cryptocurrency transaction.

The arrested individuals have been identified as Saber Bin Ahmed Hadrani, 23, Mohammed Abul Salam, 19, Mohammed Anas, 21, and Mohammed Asif, 27. A fifth suspect, identified by police as Asif, remains absconding.

The incident came to light after the victim, a resident of Begum Bazar, lodged a police complaint. According to the complaint, the victim was cheated in connection with a cryptocurrency deal and had Rs 7 lakh forcibly taken from him at Ismail Nagar in the Bandlaguda area.

Investigators stated that the gang operated by targeting individuals on social media. The accused approached potential victims through Facebook, luring them with offers to facilitate cryptocurrency trades. After gaining their confidence, the gang called the victims to specific designated locations under the pretext of finalizing the transactions, where they instead cheated and extorted cash from them.

According to the police, the accused were allegedly involved in four other similar extortion and cheating cases registered across the Bandlaguda and Chandrayangutta police stations earlier this year. Efforts are currently underway to trace and apprehend the absconding suspect.