Four men have been detained in Hyderabad following a Rs 7 lakh cryptocurrency fraud case, highlighting ongoing concerns over online investment scams facilitated through social media platforms, as police step up efforts to combat cyber offences.
Hyderabad police on Monday arrested four men in Chandrayangutta after a complaint that a resident of Begum Bazar was cheated out of Rs 7 lakh in a cryptocurrency deal arranged through social media.
The accused were identified as Saber Bin Ahmed Hadrani, also known as Saif, 23, a fitness trainer; Mohammed Abul Salam, 19, a student; Mohammed Anas, 21, a student; and Mohammed Asif, 27, a driver. Police said the men contacted potential victims through Facebook, drew them in with promises of cryptocurrency transactions and then summoned them to a fixed location to complete the alleged fraud.
According to police, the arrest followed a complaint from JR Chowdary. Officers said four separate cases are already registered against the men at Bandlaguda and Chandrayangutta police stations, and the accused have been sent to judicial remand.
The case fits a wider pattern of online investment fraud in Hyderabad, where cybercrime investigators have repeatedly warned people to be wary of unsolicited offers involving cryptocurrency, stock trading or other financial schemes on social media. In recent months, the city’s cybercrime unit has also reported refunds in fraud cases involving fake investment pitches and online banking scams, while police have said they have stepped up action against cyber offences linked to social platforms.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
