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Two unidentified men allegedly stole Rs. 21 lakh during a cryptocurrency conversion deal in Hyderabad’s Nampally area on Monday. The accused reportedly sprayed pepper spray into a man’s eyes after he displayed Rs. 25 lakh in cash for conversion.
The victim, N. N. Amarendra, 42, works as a bank loan facilitator and lives in Motinagar, Erragadda. According to Nampally Circle Inspector CH. Saidulu, the incident occurred at a location called Binance Wallet Office in Bazaar Ghat, where the men allegedly attacked Amarendra and escaped with most of his money.
Amarendra reportedly received a request from a man named Shanawaz, who lives in Jubilee Hills, to convert Rs. 25 lakh into cryptocurrency. Following advice from friends Vijay Kumar and Amar Kumar, he travelled to the Nampally location to complete the transaction.
At the office, two men introduced themselves as Sumer and Sayyad, according to the police account. They asked Amarendra to show the cash before proceeding with the cryptocurrency conversion.
As soon as he displayed the money, the suspects allegedly sprayed pepper spray into his eyes and attempted to flee. Vijay Kumar tried to stop them, triggering a struggle during which Rs. 4 lakh fell to the ground.
The two men escaped with the remaining Rs. 21 lakh, leaving Amarendra and his companion behind. Police have not confirmed whether the location or individuals had any verified connection with the Binance cryptocurrency platform.
Nampally police registered a case following the complaint and launched a search for the accused. Investigators are examining the circumstances surrounding the meeting and the identities used by the suspects.
The incident highlights the risks associated with unverified, cash-based cryptocurrency deals. People seeking crypto conversion should verify service providers independently and avoid carrying large sums to unfamiliar offices or meeting strangers for cash transactions.
The investigation remains ongoing, and police have yet to announce any arrests in the case.
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