A Chandigarh businessman lost ₹17.5 lakh after the accused persons allegedly lured him through a fake crypto USDT deal. Police said the suspects assaulted him and his associate at Sector-42 lake parking before fleeing with cash bags. One accused has been arrested, while ₹5 lakh has been recovered
A cryptocurrency ‘deal’ in Chandigarh turned into a robbery after five accused allegedly lured a city-based businessman with the promise of a USDT transaction. Police said the victim reached Sector-42 lake parking with cash, expecting to complete a trade worth around ₹40 lakh.
According to police, the suspect assaulted the businessman and his associate before fleeing with two bags containing ₹17.5 lakh and identity documents. One accused has been arrested, while efforts are underway to trace the others and recover the remaining cash.
Businessman Lured Through WhatsApp for USDT Deal
According to investigators, the accused first contacted Amit Kumar, a Sector-45 resident, on WhatsApp. They allegedly posed as traders dealing in USDT and built contact with him over several days. After the talks, they fixed a meeting at Sector-42 lake parking for a cryptocurrency transaction.
Amit runs a computer spare parts business near Panjab University. He reached the meeting spot with his associate, Vinay Jain. The two carried ₹17.5 lakh in two bags, along with identity documents. Investigators said the accused had asked them to bring cash for a larger deal worth around ₹40 lakh.
At the parking area, four youths were seated in a black Kia car. One of them introduced himself as ‘Ankit’ and asked Amit to sit inside the vehicle for a discussion. Amit sensed something was wrong and stepped out of the car before the situation turned violent.
Accused Assault Victims and Snatch Cash Bags
Police said the accused chased Amit after he stepped out of the vehicle. They allegedly assaulted him and Vinay Jain before snatching both bags. The suspect then fled from the parking area with the cash and documents.
Investigators later found that the suspect had used a car belonging to a visually impaired man from Kharar. Officers said the vehicle’s number plate had been tampered with using black tape. The accused allegedly used the method to avoid identification during and after the robbery.
However, the victims managed to note the vehicle number. CCTV footage from the area also helped police trace the car and reach its owner. According to police, the owner said he was unaware of the robbery plan. He told investigators that the suspect persuaded him to lend the vehicle and also took him along.
Police said the suspect later dropped the car owner off and abandoned the vehicle. Acting on the location details, police reached the area quickly. However, the suspects had already left, and officers missed them by a few minutes.
One Suspect Arrested as Police Recover ₹5 Lakh
A case has been registered at Sector-36 police station. Authorities said one of the suspects has been arrested in connection with the robbery. During the investigation, officers recovered ₹5 lakh after the visually impaired car owner informed them that the accused had left part of the cash with him.
Efforts are underway to arrest the remaining suspects and recover the rest of the amount. Police are also checking the role of each suspect in the alleged plan, the use of the vehicle, and the tampering of the number plate.
The case comes as India records fast growth in cryptocurrency activity, with wider digital adoption and rising interest among young users. However, police reports from several cities have also shown that fraudsters use crypto-related offers to lure victims into cash meetings.
In this case, investigators are treating the ‘USDT trader’ claim and the proposed ‘deal’ as part of the alleged trap. Police said further details will become clear after the remaining suspects are arrested and the full money trail is verified.
Also Read: Bipartisan PARITY Act Adds Crypto Tax Reform Amid US CLARITY Act Debate
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