A cryptocurrency transaction promising to convert ₹25 lakh into US dollars turned into a robbery after a group of men allegedly lured prospective buyers to an office in Nampally, attacked them with pepper spray, and fled with the cash. The Nampally police arrested five persons in connection with the incident on Saturday, and recovered ₹11.5 lakh from their possession.

The arrested accused were identified 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 Mohammed Faraz Hussain, 31, a car mechanic from Bazarghat.

According to the police, the robbery was orchestrated by Hameed alias SD Bhai, who allegedly devised a plan to target individuals interested in purchasing USDT, a cryptocurrency commonly used for digital transactions.

Investigators said Hameed, who remains absconding, had instructed Vijesh Kumar, whom he knew through a mutual acquaintance, to identify prospective buyers willing to exchange Indian currency for USDT.

Vijesh subsequently identified potential purchasers through his acquaintance Vijay and informed Hameed that they were ready with ₹25 lakh in cash. The accused then allegedly devised a plan to lure the buyers to an office beside Himalayan Hotel in Bazarghat, Nampally, under the pretext of facilitating the cryptocurrency transaction.

Police said Ajaz introduced Sumair Khan to Hameed and helped coordinate the operation, while Zakariya agreed to pose as an office executive and use pepper spray during the robbery.

On October 11, the complainant and his associates arrived at the office carrying ₹25 lakh for the proposed transaction. As the deal was being arranged, Zakariya allegedly sprayed pepper spray on one of the purchasers, while Sumair attacked another person. Taking advantage of the confusion, the accused grabbed the cash and fled.

Following the robbery, the group allegedly assembled near Mir Alam Tank in the Mir Mahmood Pahadi-Chintalmet area, where the stolen money was counted and distributed among the participants.

During the investigation, the Nampally police identified the suspects and apprehended five of them on Saturday.

Police recovered ₹4 lakh from Ajaz, ₹5.5 lakh from Zakariya, ₹1 lakh from Sumair and ₹50,000 each from Vijesh and Faraz, taking the total recovery to ₹11.5 lakh. Three mobile phones were also seized.

Investigators said Ajaz is a history-sheeter at Mehdipatnam Police Station and has previously been involved in several criminal cases, including murder, attempted murder and offences under the Arms Act. Zakariya is also a history-sheeter at Attapur Police Station, with previous cases involving robbery, theft, attempted murder and other offences. His history sheet was opened in September 2024. Sumair, meanwhile, has previously been booked in three criminal cases, including assault, theft and an offence under the Drugs and Cosmetics Act.

Police are now searching for Hameed alias SD Bhai, Mohammed Faisal and an unidentified caller with a female voice, who have been named as absconding accused in the case.