Key Highlights
- Nampally Police arrested five people on October 17 over an alleged ₹25 lakh robbery linked to a proposed USDT transaction.
- Police said the buyers were attacked with pepper spray and physical force before the suspects fled with the cash.
- Investigators recovered ₹11.5 lakh and three mobile phones.
Hyderabad Police have arrested five people in connection with an alleged ₹25 lakh robbery involving a proposed conversion of Indian currency into USDT, a dollar-pegged stablecoin.
According to an ANI report published on October 17, Nampally Police said the incident occurred on October 11 at an office near Himalayan Hotel in Bazarghat, Nampally. The complainant and associates had arrived with ₹25 lakh for the proposed transaction when they were allegedly attacked and robbed.
Police announced the arrests on October 17. It remains unclear whether any USDT was transferred during the proposed deal.
The Crypto Times has reached out to Hyderabad Police for comment on the arrests, the ongoing investigation and efforts to recover the remaining cash. This report will be updated if a response is received.
Buyers allegedly attacked during USDT deal
Police said one suspect sprayed pepper spray on a buyer while another attacked a second person. The group then allegedly fled with the cash.
According to the police account, the complainant had contacted Hameed alias SD Bhai through a mutual female contact. Hameed allegedly planned the robbery by targeting people looking to buy USDT, while the complainant helped identify prospective buyers carrying cash.
Police further alleged that the suspects gathered near Mir Alam Tank in Chintalmet after the incident, where the cash was counted and distributed among some members of the group.
Police outline roles of the suspects
Police identified the five arrested suspects as Syed Ajaz alias Goli, 31, a driver from Vijaya Nagar Colony; Syed Zakariya Ahmed alias Shafez, 26, a water purifier repair worker from Attapur; Sumair Khan, 26, a band worker from Old Malakpet; Guglavath Vijesh Kumar, 30, a male nurse from Nirmal district; and MD Faraz Hussain, 31, a car mechanic from Bazarghat in Nampally.
According to police, Ajaz allegedly introduced Sumair to Hameed and helped coordinate the group. Zakariya allegedly posed as an office executive and used the pepper spray, while Sumair coordinated with the buyers through Vijesh. Faraz allegedly arranged the office keys.
Police said Ajaz and Zakariya had faced previous cases, including those involving murder, attempted murder and robbery. Sumair also had a prior criminal record, according to police.
RSB NEWS 9 reports arrests
Local news account RSB NEWS 9, reported on October 17 that Nampally Police had arrested five people in connection with the alleged robbery. The post also mentioned the use of pepper spray and the recovery of ₹11.5 lakh and three mobile phones.
The account reported that three accused were absconding. ANI’s report names Hameed alias SD Bhai and Mohammed Faisal as suspects still being sought and also refers to an unidentified woman as an alleged participant. The available reports do not fully clarify the number of people still at large.
Other reports involving crypto-related crime in India
The incident follows other reports involving cryptocurrency-related theft and alleged financial crime in India, although no connection between the cases has been established.
On April 20, The Crypto Times reported that ₹38 lakh had been stolen in a Hyderabad security breach. The report described funds being siphoned off and attempts to liquidate them rapidly, raising concerns about wallet security and private-key management.
Separately, the Enforcement Directorate (ED) had searched 20 locations in a betting-fraud investigation involving Pune fintech firm Edsom and its iPaisa platform. Investigators reportedly examined allegations that a Dubai-controlled syndicate routed fraud proceeds through cryptocurrency conversions for offshore transfers.
Police said an unidentified woman who communicated with the victims by phone was among the alleged participants. The information provided does not specify her identity or alleged role in further detail.
A case has been registered at Nampally Police Station under Section 310(2) of the Bharatiya Nyaya Sanhita. Further investigation is underway.
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