Bengaluru: 15-member gang offers crypto deal, robs bizmen of crores

Bengaluru: While probing a robbery case, the Vidyaranyapura police busted a gang that duped businessmen by staging fake robberies after borrowing money with promises of converting it into digital currencies and returning “double the amount”.

The 15 arrested are Benjamin Harsha, 45, from Yelahanka; Rakshith M, 29, from Tumakuru; Chandra Shekar HS, 58, from Bagalagunte; Syed Akeeb Pasha alias Akeeb Pasha, 30; Mohammed Suhail, 28; Salman Khan, 32; Muheeb S, 30, all from Vidyaranyapura; Mohsin Khan, 32, from Chamarajpet; Salman Khan, 35, from Banashankari; Shreeharsha V, 33, from Kengeri; Syed Amjod, 31, and Syed Afrid, 27, from MS Palya; Syed Wasim, 23, from KR Puram; Sheikh Wasim, 33, from Vinayak Nagar; and Mohammed Ateeq, 38, from Kumaraswamy Layout.

The police acted on a June 26 complaint where the complainant claimed he was robbed of Rs 2 crore during a business deal.

During the investigation, the police realised the complaint was a ruse to mislead them.

They then arrested 15 suspects. Four more — Sandeep, Sheikh Saadu, Rakesh, and Mohammed Shabir — are still at large.

The gang operated in two groups: one to approach businessmen and the other to stage the fake robbery during transactions.

The police said that the first group gained trust and offered to convert excess cash into cryptocurrency like USD Tether (USDT), promising to reroute the money through RTGS with GST after doubling it.

In this case, they offered to convert Rs 2 crore belonging to businessmen Bharath Singh and Abhishek from Bengaluru and Mangaluru, respectively.

While the deal was underway, the second group “robbed” them.

The police have recovered Rs 1.11 crore in cash, four cars, four two-wheelers, two autorickshaws, two knives, a long knife, a machete, and eight mobile phones.

Senior officers said that several suspects have past criminal records and that they would write to the Income Tax Department due to the large cash seizure.