Hyderabad’s Bandlaguda police arrested four men on Monday over an alleged Rs. 7 lakh crypto extortion case. The incident involved a Begum Bazar resident at Ismail Nagar, where suspects allegedly targeted him through Facebook and forcibly took his money during a cryptocurrency transaction.
Police identified the arrested suspects as Saber Bin Ahmed Hadrani, Mohammed Abul Salam, Mohammed Anas and Mohammed Asif. Another suspect named Asif remains absconding as investigators continue efforts to trace him and recover the money.
The case surfaced after the victim approached police with a complaint about the alleged cryptocurrency fraud. Investigators then examined how the suspects contacted him before arranging the meeting.
According to police, the group used Facebook to find people interested in cryptocurrency transactions. The suspects allegedly offered help with crypto deals before gaining the confidence of potential victims.
After establishing contact, the suspects allegedly invited victims to selected locations to complete cryptocurrency transactions. Police said the group then cheated and extorted money after victims reached those locations.
The investigation has also uncovered possible links to four similar cases registered this year. Bandlaguda and Chandrayangutta police stations recorded those cases, according to investigators.
Police are examining the suspects’ social media interactions and other records to understand the alleged operation. Investigators are also checking whether more people remain connected with the group.
The case highlights a growing risk from unverified cryptocurrency offers shared through social media platforms. Direct meetings with unknown crypto intermediaries can create additional financial and personal safety risks.
Authorities advise caution when strangers offer cryptocurrency transactions through social media. Independent verification and safer transaction channels can help reduce exposure to such alleged scams.
Disclaimer : Crypto News India does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
