A man in Hyderabad’s Nampally district was robbed of Rs. 21 lakh on Monday by two unidentified persons who promised to convert Indian rupees into cryptocurrency. According to police, the suspects reportedly sprayed pepper spray into the victim’s eyes before escaping with the cash. Nampally police have registered a case on complaint and have started an investigation into the matter to catch the accused.
Crypto Conversion Deal Turns Into Robbery
One of the complainants, 42-year-old N. N. Amarendra of Janapriya Apartments, Motinagar, Erragadda was a bank loan facilitator, according to Nampally Circle Inspector CH. Saidulu.
The story starts when a resident of Jubilee Hills named Shanawaz had contacted Amarendra and had asked him to convert Rs. 25 lakh into crypto. Upon the advice of his friends Vijay Kumar and Amar Kumar, Amarendra proceeded to the Binance Wallet Office located at Bazaar Ghat, Nampally, where he made the transaction.
Suspects Use Pepper Spray to Steal Cash
Amarendra apparently met two people who said they were Sumer and Sayyad. According to the suspects, they told Amarendra to show the Rs. 25 lakh in cash before going for the conversion of the crypto. However, when Amarendra brought out the money, the duo allegedly sprayed pepper spray into his eyes and tried to run off with the entire loot.
Vijay Kumar, who was with Amarendra, raised an alarm as they tried to hold back the suspects. However, Rs. 4 lakh was said to have slipped from their hands. The accused then ran away with the rest Rs. 21 lakh.
Nampally Police Start Probe
After the incident, Amarendra lodged a complaint with Nampally police, who booked a case against the accused. The police have started searching for the accused and the stolen money. This case highlights the risks of large cash-pegged crypto trades having an intermediary.
Also Read: Vizag Techie Loses Rs. 20 Lakh in Crypto Scam After Fake Platform Shows Rs. 58 Lakh Balance
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