India: Police Superintendent Arrested In Connection With Case Of Bitcoin Extortion

A police superintendent from Gujarat, India, has been arrested in regards to the alleged kidnapping and Bitcoin (BTC) extortion of a businessman, of which 10 people police officers have already been accused, local news outlet the Hindustan Times reported Monday, April 23.

Indian businessman and builder Sailesh Bhatt reported that police officers beat him, extorted money from him, and then kidnapped him and kept him confined at a farmhouse until he paid a further ransom in cryptocurrency. The amount of crypto alleged to be stolen is between $1.8-2 mln.

Superintendent Jagdish Patel was arrested in his official residence in Amreli two nights ago, and will be will be “interrogated along with accused police inspector Anant Patel,” according to a police officer, the Hindustan Times writes. Previous reports on Bhatt’s claim noted that inspector Patel had absconded, but the Hindustan Times adds that he has since been arrested last week.

Three police officers and one lawyer have also been arrested in connection with the case, according to the Hindustan Times.

The Hindustan Times writes that a former member of the political Gujarat Parivartan Party, Nalin Kotadia, is likely to be questioned. Bhatt named Kotadia as pressuring him to accept the ransom request.

In a larger case of theft in India, Indian crypto exchange Coinsecure reported the loss of around 485 BTC (around $4.4 mln at current BTC prices) due to alleged misconduct by an employee.

Share:

LKN | The main cryptocurrency market news agency, outlet that strives for the highest journalistic standards. If you want to prove yourself and show your experience and knowledge, please contact us: news@letknow.com