Ex-Armyman Masterminded ₹29.65 Lakh Robbery After Crypto Losses, Police Say

Indore (Madhya Pradesh): Police officials arrested three persons, including an ex-armyman, in connection with the robbery of Rs 29.65 lakh from an employee of a scrap trading firm, police said on Wednesday.

The ex-armyman had allegedly planned the robbery after suffering financial losses in cryptocurrency trading and falling into debt.

Commissioner of Police Santosh Kumar Singh said that on June 11, Mukul Agrawal, an employee of a scrap trading firm, was collecting cash payments from various business establishments on behalf of his employer.

After collecting a total of Rs 29.65 lakh, he was carrying the cash in a bag on his two-wheeler.

Around 8.25 pm, near Jaiswal Dharamshala in the Pandhrinath area, two men on a scooter stopped him, assaulted him, snatched the bag containing the money and fled the spot.

A case was registered at Pandhrinath Police Station and an investigation was launched. Eight special police teams were formed to trace the accused.

During the investigation, police examined footage from more than 800 CCTV cameras and identified a suspicious scooter bearing a fake number plate. Technical evidence, informers and continuous raids helped investigators track down the suspects.

Singh said the accused had been monitoring the victim in advance and followed him from the first payment collection point on the day of the robbery.

The crime was carried out after careful planning. Police said that during questioning, the main accused, Chandrashekhar Mukati, revealed that he had planned the robbery after suffering financial losses in cryptocurrency trading and falling into debt.

He allegedly assigned his associates, Pravin Bhandari and Amar alias Bhanja Ahirwar, to follow the victim and track his movements.

Police first arrested Chandrashekhar, an ex-armyman, and later arrested the other two accused, Pravin and Amar, through coordinated operations. During the operation, police recovered Rs 22.60 lakh in cash from the looted amount, the victim's blue bag and a car allegedly purchased using the stolen money.

Cash, clothing and other items linked to the crime were also seized. Chandrashekhar is a resident of Sannod village in Dewas district, police said.

The police obtained one-day remand of the accused and are continuing efforts to recover the remaining money and investigate other aspects of the case.

Two men who helped the accused during their time on the run were also made accused.