Add as a preferred source on GoogleHyderabad Police Arrest Five in Alleged Robbery Tied to Tether (USDT)
Buyers brought ₹25 lakh to an Oct. 11 meeting. The arrests followed on Oct. 17, with ₹11.5 lakh and three mobile phones recovered.
Five people were arrested in Hyderabad in connection with an alleged robbery during a planned in-person purchase of Tether (USDT), a dollar-pegged stablecoin, involving ₹25 lakh in cash.
The meeting took place Oct. 11 at an office in Bazarghat, Nampally, near Himalayan Hotel. Police allege that the group used pepper spray and physical force before fleeing with the cash.
The arrests took place Oct. 17, with ₹11.5 lakh and three mobile phones recovered from the group. The five arrested were Syed Ajaz, Syed Zakariya Ahmed, Sumair Khan, Guglavath Vijesh Kumar and MD Faraz Hussain.
USDT is designed to track the U.S. dollar at one token per dollar. The case was registered under Section 310(2) of the Bharatiya Nyaya Sanhita.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.