India, Feb. 27 -- New Delhi

Seven members of an organised Delhi-based syndicate, including its kingpin, were arrested for allegedly luring cryptocurrency investors under the guise of discounted deals, setting up physical meetings and robbing them at gunpoint, Delhi Police said on Thursday.

The police made the arrests while investigating a robbery case, wherein a 21-year-old engineering student of Netaji Subhash Institute of Technology in Dwarka was robbed of Rs.1.83 lakh-part of a Rs.2 lakh scholarship he received-that he wanted to invest in the USDT cryptocurrency for a business venture.

The student, upon coming across an advertisement on Instagram offering a lucrative USDT deal, set up a meeting with the advertiser last Sunday near t...