Indore | Three people were arrested here on Wednesday for allegedly robbing a man of nearly Rs 30 lakh, with police claiming that the accused hatched the plan after one of them suffered losses in cryptocurrency investments.

Mukul Agarwal (22), an employee of a scrap dealer, was assaulted and robbed of a bag containing Rs 29.65 lakh on the night of June 11 in Pandharinath police station area, said Police Commissioner Santosh Kumar Singh.

Agarwal was riding a two-wheeler carrying cash collected as payments from various business establishments, Singh said, adding that Chandrashekhar Mukati alias Chandu (43), Praveen Bhandari (37) and Amar alias Bhanja (42) were arrested in the case.

Mukati, the alleged mastermind, and Bhandari had worked together at a showroom in Goa. Mukati revealed during interrogation that he decided to commit a robbery after incurring losses in cryptocurrency investments and running up debts, the police commissioner said.

Police recovered Rs 22.60 lakh in cash and a car purchased with the looted money from the accused.

The accused apparently spent a lot of the money on purchasing jewellery and clothing, Singh said.

Two more people who allegedly helped the accused have been detained, and investigation is underway, the commissioner said.