Hyderabad Police arrested five men on Monday, July 28, for duping a local man under the pretext of selling cryptocurrency. The gang, posing as crypto sellers, fled with Rs7.55 lakh in cash during a staged distraction.
The accused have been identified as Mohammed Bilal, Mohammed Abdul Azam, Mohammed Iqbal, Mohammed Jameel Ahmed, and Syed Maaz Hussaini.
According to the Tolichowki Police, the victim, P Sai Prasad Reddy, was searching online for cryptocurrency deals and came across Syed Maaz Hussaini on Reddit. Maaz introduced him to a man named Syed Irfan, claiming Irfan possessed USTD worth Rs10 lakh and was looking to sell.
On July 24, Prasad met Irfan and Maaz at an office in Paramount Colony, Tolichowki. Four other individuals were present. One of them collected the cash and claimed the crypto would be transferred to Prasad’s trading account. At that moment, two members of the group began arguing loudly, creating a distraction. During the confusion, the cash bag was stolen, and the gang fled the scene.
Prasad later discovered that it was a pre-planned scam. Another individual, Syed Niyamudin, also reported being duped of Rs5.31 lakh in a similar manner.
Following the complaints, police arrested the five accused and booked them under Sections 318(4) and 305 of the Bharatiya Nyaya Sanhita (BNS) for cheating and theft. Investigations are ongoing to track down Syed Irfan and any other possible accomplices.
