Bengaluru police have arrested 12 people for allegedly robbing a businessman of ₹17.64 lakh after luring him into a fake cryptocurrency exchange deal. The accused promised to convert Indian currency into USDT cryptocurrency but instead fled with the cash. Police have recovered ₹13.90 lakh in cash, six two-wheelers, a car, and 13 mobile phones used in the crime.
The police found out about the case after a Kodigehalli resident filed a complaint on June 10 at Sanjay Nagar police station. The complainant, a businessman planning to run a café, had been checking kitchen tiles and other materials online, and his friend told him that such products could be obtained at cheaper prices from China and Japan via cryptocurrency.
Interested in cryptocurrency payments, the businessman joined a WhatsApp group that facilitated USDT cryptocurrency transactions. Through the group, he came into contact with an individual who visited his residence and successfully converted ₹2.5 lakh into USDT cryptocurrency. The victim’s trust was gained through this initial transaction.
As the businessman required a larger amount of cryptocurrency for his planned purchases, he later contacted the same group and requested the conversion of ₹17.64 lakh into USDT. The accused ordered him to bring the cash to Kalpana Chawla Road in Sanjay Nagar.
The businessman, with his friends, arrived at the spot with ₹17.64 lakh in cash. But instead of transferring the promised cryptocurrency, the accused took the money and fled from the scene. The Sanjay Nagar police filed a robbery case in this regard.
Police conducted a thorough investigation and looked for many leads. Police detained four suspects near Devasandra during the investigation. The questioning of the suspects led investigators to discover the remaining members of the gang.
Based on the information gathered, police arrested 12 accused persons involved in the robbery. In addition, authorities have recovered ₹13.90 lakh in cash that is believed to be part of the stolen amount. Also, six motorcycles, one car, and 13 mobile phones that were used in the crime were seized.
Four of the suspects were brought to court and remanded to police custody for 10 days. Investigators were able to extract more information about the other suspects through continuous questioning.
Police added that one of the suspects is still on the run and attempts to find and arrest him are being made. The investigation is ongoing, and officials are looking into the possibility that the gang may have also been involved in other cryptocurrency-related fraud in the city, police said.
The case is a reminder to people doing cryptocurrency transactions to check the credibility of the parties involved and to not carry large amounts of cash for unverified deals made through social media or messaging platforms.
