Highway cafe dream to street assault: Bengaluru man loses Rs 17 lakh in fake crypto deal
They built his trust with a small Rs 2.5 lakh deal. The next day, an entire gang was waiting to rob him.
The Bengaluru police have arrested 12 people for allegedly robbing an entrepreneur of Rs 17.64 lakh after luring him into a fake cryptocurrency exchange (Express photo/Special arrangement).
The Sanjaynagar police in Bengaluru have arrested 12 people for allegedly robbing an entrepreneur of Rs 17.64 lakh after luring him with the promise of converting the cash into cryptocurrency. The police said they recovered Rs 13.90 lakh in cash, 13 mobile phones, six two-wheelers and a car used in the crime from the accused.
According to investigators, the complainant, an entrepreneur from Devinagar in Kodigehalli, was planning to set up a cafe on the Sira Highway and was exploring ways to import kitchen equipment and accessories from China and Japan. During this process, he was reportedly advised to make payments in cryptocurrency and to join a WhatsApp group called ‘Crypto India F2F’.
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The police said the entrepreneur subsequently came into contact with one of the accused, who successfully exchanged Rs 2.5 lakh for USDT on June 8, earning his trust. Encouraged by the transaction, the businessman decided to convert a larger sum of Rs 17.64 lakh the next day.
The accused allegedly directed him to bring the cash to a location on Kalpana Chawla Road in Sanjaynagar. The entrepreneur arrived with his brother and a friend, along with the money. However, instead of completing the cryptocurrency exchange, the group allegedly assaulted the three and fled with the cash.
Based on a complaint, the Sanjaynagar police registered a robbery case and launched an investigation. The police said the first breakthrough came on June 11, when four accused were detained based on technical evidence and local intelligence. Their interrogation led investigators to other members of the gang.
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During operations conducted between June 11 and June 22, the police arrested 12 accused from various locations and recovered a substantial portion of the stolen money. The police said one accused remains missing, and they are making efforts to trace and arrest him. Further investigation is underway.
The Bengaluru police have arrested 12 people for allegedly robbing an entrepreneur of Rs 17.64 lakh after luring him into a fake cryptocurrency exchange (Express photo/Special arrangement). 
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