Four arrested for alleged crypto fraud, Rs 7 lakh snatching in Bandlaguda

Bandlaguda police arrested four persons for allegedly cheating victims through cryptocurrency transactions and forcibly snatching Rs 7 lakh at Ismail Nagar. Police said the suspects used Facebook to approach victims and were also allegedly involved in four similar cases.

Hyderabad: Four people were arrested by the Bandlaguda police on Monday in connection with an alleged cryptocurrency fraud and forcible snatching of Rs 7 lakh at Ismail Nagar in Bandlaguda.

According to the ACP Chandrayangutta, A Sudhakar, a businessman, and JR Chowdary of Begum Bazar lodged a complaint on Saturday, alleging that he was cheated by a group of persons in the name of a cryptocurrency transaction and that Rs 7 lakh was forcibly snatched from him.

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Based on the complaint, police started an investigation and four persons — 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 were arrested.

A Sudhakar said the investigation revealed that the suspects allegedly approached victims through Facebook, lured them with cryptocurrency transactions and, after gaining their confidence, called them to a designated location on the pretext of facilitating the transactions. They allegedly committed the offence after the victims reached the spot.

The ACP said the suspects were also allegedly involved in four similar cases registered at Bandlaguda and Chandrayangutta police stations.

Police were making efforts to apprehend another suspect, Asif, who was absconding, and recover the money involved.