Hyderabad: Bandlaguda Police arrested four persons in connection with a cryptocurrency-based cheating and extortion case reported in Ismail Nagar, Bandlaguda. The case was registered following a complaint lodged on August 15 by Sri J.R. Chowdary of Begum Bazar, who alleged that he was cheated in the guise of a cryptocurrency transaction and forcibly dispossessed of ₹7 lakh.
Acting on credible information, the Bandlaguda Police team apprehended the accused at Kings Snooker, Chandrayangutta, on August 17. The arrested persons were identified as A-1 Saber Bin Ahmed Hadrani alias Saif, A-2 Mohammed Abul Salam, A-3 Mohammed Anas and A-4 Mohammed Asif.
According to police, the accused allegedly approached victims through Facebook and lured them with cryptocurrency transactions. After gaining their confidence, they allegedly called victims to predetermined locations and committed cheating and extortion.
Police stated that the accused were allegedly involved in four similar cases registered at Bandlaguda and Chandrayangutta Police Stations under relevant provisions of the Bharatiya Nyaya Sanhita (BNS), 2023.
Efforts are underway to apprehend A-5 Asif, who is absconding, and recover the money involved. Police are also investigating the complete money trail and the possible involvement of other persons in similar offences.
The arrested accused are being produced before the court for judicial custody. Police advised the public to exercise caution when dealing with unknown persons offering cryptocurrency, investment or other financial transactions through social media platforms and to verify their credentials before transferring money.