Bengaluru entrepreneur robbed of ₹2 crore in cryptocurrency conversion heist: Report

In a dramatic turn of events during what was meant to be a cryptocurrency exchange, a Bengaluru entrepreneur was allegedly robbed of ₹2 crore in cash by a gang of armed men. The incident unfolded at a private office in MS Palya, under the jurisdiction of the Vidyaranyapura police, The Indian Express reported.

Robbery in Bengaluru: The victim visited an office on Wednesday to convert ₹2 crore into USDT (Tether), a popular cryptocurrency. (REUTERS)

The victim, a businessman called Sriharsha V, 33, who runs Aerivon Oxygen Pvt Ltd in west Bengaluru, had reportedly visited the office of A K Enterprises on Wednesday to convert the large sum into USDT (Tether), a popular cryptocurrency. The transaction was arranged through contacts provided by some of his associates, and he was directed to meet a man identified as Benjamin Harish.

According to Sriharsha’s police complaint, the cash was meant for importing a machine from Germany for launching a cold-pressed oil business. He arrived at the venue with his associates, where Harish and another man named Rakshit received them and began counting the cash using a machine they brought along.

The situation took a violent turn when, mid-process, a group of six to seven unidentified individuals stormed into the premises wielding knives. They allegedly looted the ₹2 crore along with mobile phones, then locked everyone inside - including Sriharsha, his associates, and Harish and Rakshit.

When the shutter was eventually opened and the group was freed, Harish and Rakshit fled from the scene, raising suspicions about their possible involvement. Both have since been detained for interrogation after being named in Sriharsha’s complaint as suspects.

Police have registered a case of dacoity under Section 310 (2) of the Bharatiya Nyaya Sanhita and are actively investigating the suspects' roles, including the possibility of an inside job. Authorities are also probing the origin of the ₹2 crore cash, which Sriharsha claims to have borrowed to fund his cold-pressed oil business.