Hyderabad: In an alleged crypto fraud, four people have been arrested by the Hyderabad police for allegedly using cryptocurrency deals to cheat and extort money from people.
The arrests were made after a complaint was received from a Begum Bazar resident. The complainant alleged that he was defrauded of Rs 7 lakh during a cryptocurrency transaction at Ismail Nagar in Bandlaguda.
Police identified the arrested suspects as Saber Bin Ahmed Hadrani, 23, Mohammed Abul Salam, 19, Mohammed Anas, 21, and Mohammed Asif, 27.
According to the police, the group allegedly used Facebook to find people interested in cryptocurrency transactions.
The suspects reportedly approached potential victims with offers to help complete crypto deals. After gaining their trust, they allegedly arranged meetings at selected locations, claiming that the transactions would be completed there.
Police alleged that the suspects then cheated the victims and forcibly took money from them.
The police investigation has also linked the accused to four other cases with similar allegations.
These cases were registered at the Bandlaguda and Chandrayangutta police stations during the current year.
Investigation is going on in the alleged crypto fraud that took place in Hyderabad.
