₹25 lakh robbery under guise of cryptocurrency deal; five arrested, ₹11.5 lakh recovered

By The Hindu Staff

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₹25 lakh robbery under guise of cryptocurrency deal; five arrested, ₹11.5 lakh recovered — Photo credit: The Hindu

A cryptocurrency transaction promising to convert ₹25 lakh into US dollars turned into a robbery after a group of men allegedly lured prospective buyers to an office in Nampally, attacked them with pepper spray, and fled with the cash. The Nampally police arrested five persons in connection with the incident on Saturday, and recovered ₹11.5 lakh from their possession.

The arrested accused were identified as Syed Ajaz alias Goli, 31, a driver from Vijaya Nagar Colony, Syed Zakariya Ahmed alias Shafez, 26, a water purifier repair worker from Attapur, Sumair Khan, 26, a band worker from Old Malakpet, Guglavath Vijesh Kumar, 30, a male nurse from Nirmal district, and Mohammed Faraz Hussain, 31, a car mechanic from Bazarghat.

According to the police, the robbery was orchestrated by Hameed alias SD Bhai, who allegedly devised a plan to target individuals interested in purchasing USDT, a cryptocurrency commonly used for digital transactions.

Investigators said Hameed, who remains absconding, had instructed Vijesh Kumar, whom he knew through a mutual acquaintance, to identify prospective buyers willing to exchange Indian currency for USDT.

Originally published by The Hindu on Oct 18, 2026 Read the full article at thehindu.com

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