Bengaluru, 26 June

Twelve persons have been arrested for allegedly assaulting and robbing a man of Rs 17.64 lakh on the pretext of converting Indian currency into USDT cryptocurrency, police said on Friday.

With their arrests, police recovered Rs 13.90 lakh in cash, six two-wheelers, a car, and 13 mobile phones allegedly used in the crime, they said.

The matter came to light after a resident of Kodigehalli, within the jurisdiction of Sanjaynagar Police Station, lodged a complaint on 10 June, police said.

In his complaint, the man stated that he was planning to open a cafe and was searching online for kitchen tiles, cutlery and equipment. He learnt through a friend that such equipment could be procured at lower prices from Japan or China and that payment had to be made through cryptocurrency.

According to police, the victim gathered information about cryptocurrency from a friend and joined a WhatsApp group related to USDT cryptocurrency trading.

One of the members of the group became acquainted with him and, around midnight on 8 June, visited his house and successfully exchanged Rs 2.50 lakh into USDT cryptocurrency, a senior police officer said.

As the complainant required a larger quantity of cryptocurrency, he contacted the same person through WhatsApp on 9 June and requested the exchange of Rs 17.64 lakh into cryptocurrency, he said.

The accused instructed him to come to Kalpana Chawla Road in Sanjaynagar that night, police said.

When the complainant arrived at the location carrying Rs 17.64 lakh along with his brother and a friend, the accused allegedly snatched the cash without transferring any cryptocurrency, assaulted the complainant, his brother and friend, and fled the scene, the officer said.

Police pursued various leads and gathered credible intelligence from informants. Based on the information received, four persons were apprehended near Devasandra on 11 June, he said.

During interrogation, they allegedly confessed to committing the robbery along with eight other associates, taking the total number of accused to 12, police said.

The four accused were produced before a court and remanded to 10 days of police custody, they said.

During sustained interrogation, they disclosed information about the remaining accused, following which the others were arrested, the officer said.

One accused is still absconding, and efforts to trace and apprehend him are continuing. Further investigation is underway, he added.