Hyderabad: Bandlaguda police arrested four persons for allegedly cheating and extorting ₹7 lakh from a man in the name of a cryptocurrency transaction.
The arrests were made in Chandrayangutta on Monday. Police identified the accused as Saber Bin Ahmed Hadrani, 23, Mohammed Abul Salam, 19, Mohammed Anas, 21, and Mohammed Asif, 27.
Another accused, identified as Asif, is reportedly absconding.
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The case came to light after a resident of Begum Bazar approached the police with a complaint. He alleged that the accused cheated him during a cryptocurrency transaction and forcibly took ₹7 lakh from him at Ismail Nagar in Bandlaguda.
According to police, the accused used Facebook to approach potential victims with offers to facilitate cryptocurrency transactions. After gaining their confidence, they allegedly invited victims to specific locations on the pretext of completing the transactions.
Police alleged that the accused then cheated and extorted money from the victims.
The investigation revealed that the group was allegedly involved in four other similar cases registered this year at Bandlaguda and Chandrayangutta police stations.
Police are continuing the investigation to trace the absconding accused and establish the group’s involvement in other suspected cryptocurrency-related fraud cases.
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