Bandlaguda police arrest four in cryptocurrency cheating, extortion case
HYDERABAD: Bandlaguda police arrested four people on August 17 in connection with a cryptocurrency cheating and extortion case. A Begum Bazar resident alleged that the accused forcibly took ₹7 lakh from him.
J.R. Chowdary lodged a complaint on August 15. He alleged that the accused cheated him during a cryptocurrency transaction and forcibly took the money at Ismail Nagar in Bandlaguda.
During the investigation, police gathered information about the accused and tracked them to Kings Snooker in Chandrayangutta. A Bandlaguda police team reached the location on August 17 and arrested the four men.
Police identified the accused as Saber Bin Ahmed Hadrani alias Saif, Mohammed Abul Salam, Mohammed Anas and Mohammed Asif.
Police say accused contacted victims through Facebook
According to police, the accused allegedly approached people through Facebook and offered to facilitate cryptocurrency transactions. They allegedly gained the victims’ trust before asking them to meet at specific locations.
Police said the accused then allegedly cheated and extorted money from the victims after bringing them to those locations.
The four accused also allegedly face four similar cases registered at Bandlaguda and Chandrayangutta police stations under relevant provisions of the Bharatiya Nyaya Sanhita (BNS), 2023.
Police are searching for another accused, identified as Asif, who remains absconding. They are also trying to recover the money involved in the case.
Police trace money trail, check for other cases
Investigators are tracing the money trail and checking whether more people were involved in the alleged fraud. They are also examining whether the accused had committed similar offences elsewhere.
Police produced the four arrested accused before a court for judicial custody.
Police urged the public to remain cautious when dealing with strangers who offer cryptocurrency, investment or other financial transactions through social media.
They advised people to verify the identity of such individuals and check the authenticity of any proposed transaction before transferring money.
Assistant Commissioner of Police, Chandrayangutta Division, A. Sudhakar supervised the investigation.
Sudhakar appreciated Bandlaguda Inspector R. Devender, Sub-Inspector S. Naga Raju Reddy and their team for detecting the case and arresting the accused.
