Four people have been arrested in connection with an alleged cryptocurrency fraud and robbery involving ₹7 lakh in Hyderabad’s Bandlaguda area. Police said the accused allegedly approached victims through Facebook, offered to facilitate cryptocurrency transactions and later called them to a designated location. The suspects allegedly robbed victims after they arrived at the spot. Police are now searching for another person believed to be associated with the group.
The arrested accused have been identified as 23-year-old Saber Bin Ahmed Hadrani alias Saif, 19-year-old Mohammed Abul Salam, 21-year-old Mohammed Anas and 27-year-old Mohammed Asif. Saif works as a fitness trainer, while Abul Salam and Anas are students and Mohammed Asif is a driver. All four were arrested by Bandlaguda police on Monday following an investigation into the complaint.
The case came to light after businessman JR Chowdary of Begum Bazar approached the police on Saturday. In his complaint, he alleged that a group of people had cheated him in the name of a cryptocurrency transaction and subsequently forcibly took ₹7 lakh from him. Following the complaint, police began investigating the alleged transaction and the circumstances surrounding the incident.
According to police, the suspects allegedly used Facebook to identify and approach potential victims. During conversations, they allegedly offered assistance with cryptocurrency transactions and created an impression that they could facilitate the proposed deals. Once a victim showed interest and agreed to proceed, the suspects allegedly directed the person to a particular location for completing the transaction.
Police alleged that the accused then carried out the robbery after the victim reached the designated location. The alleged modus operandi involved using an online platform to establish contact and build confidence before arranging a face-to-face meeting. Investigators are examining whether the same method was repeatedly used against other victims.
The police investigation is also focused on the digital trail behind the alleged operation. Officers are examining the suspects’ mobile phones, social media interactions and other records that could establish communication with victims. Investigators are also trying to determine how long the group had allegedly been operating and how many people may have been approached through social media.
The four arrested suspects are also being investigated in connection with four other similar cases registered at Bandlaguda and Chandrayangutta police stations. According to police, the cases involve allegations that people were approached in connection with cryptocurrency transactions and subsequently targeted. Investigators are comparing the circumstances of the cases to determine whether the same individuals and modus operandi were involved.
Police said another suspect, identified as Asif, is currently absconding. Efforts are underway to locate and arrest him. Investigators are also working to recover the money allegedly taken during the incident and establish how the proceeds were handled after the alleged robbery.
The investigation will also seek to establish the precise roles of each accused and determine whether the group had additional members. Police are expected to examine communication records and financial transactions to identify possible links between the suspects and victims in the other cases.
Cybercrime experts have warned that social media-based cryptocurrency offers can carry significant risks when the parties involved are not independently verified. Fraudsters may use promises of quick transactions or attractive returns to establish contact before attempting to obtain money or arrange meetings under misleading circumstances. People should independently verify the identity and credibility of unknown individuals before entering into cryptocurrency transactions.
The case also highlights the risks involved when online interactions move into unverified physical meetings. Police have advised people to exercise caution when approached by unknown persons through social media for financial transactions and to report suspicious activity to law enforcement authorities.
Bandlaguda police are continuing their investigation based on the questioning of the four arrested suspects. Officers are examining the alleged network, the absconding suspect, the four earlier cases and the movement of the money involved. Further investigation is expected to establish whether the accused were part of a wider cryptocurrency-related fraud and robbery network operating in Hyderabad.
