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India Jails 14 for Life in Crypto Extortion Case Involving Cops, Ex-MLA

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An Indian anti-corruption court docket has sentenced 14 males to life in jail for the 2018 kidnapping and extortion of a businessman over his cryptocurrency holdings.

Key Takeaways:

  • An Indian court docket sentenced 14 males to life in jail for kidnapping a crypto investor in 2018.
  • The sufferer was kidnapped at gunpoint and compelled to switch 34 BTC, with a bigger ransom demand later thwarted.
  • The sufferer himself is now below investigation in a separate crypto extortion case involving BitConnect promoters.

The convicted embody 11 serving and former cops and one former legislator, Nalin Kotadiya, who served in Gujarat’s Legislative Meeting from 2012 to 2017, per local outlets.

The group was discovered responsible of kidnapping, extortion, and conspiracy below numerous sections of the Indian Penal Code. The sentencing was handed down by Particular Decide B.B. Jadav in Ahmedabad.

Indian Businessman Lured and Kidnapped in Crypto Extortion Plot

The case stems from the kidnapping of Shailesh Bhatt, a businessman from Surat, who was reportedly lured to a gasoline station on February 9, 2018, by males pretending to be officers from India’s Central Bureau of Investigation.

As soon as there, Bhatt was taken to a farmhouse close to Gandhinagar and held at gunpoint by cops demanding cryptocurrency and money.

Bhatt was compelled to promote 34 Bitcoin, value roughly $150,000 on the time, and switch the funds to his captors.

A bigger demand of 176 BTC and ₹32 crore (roughly $3.6 million USD) in money was additionally made, however the courier delivering the money suspected a setup and failed to finish the drop.

Prosecutors introduced in 172 witnesses in the course of the trial, together with digital forensics specialists and financial institution officers.

Nonetheless, 92 of these witnesses later recanted or altered their testimony. Decide Jadav responded by issuing perjury notices to 25 of them, citing issues over witness tampering and obstruction of justice.

All 11 cops had been moreover convicted below India’s Prevention of Corruption Act for misuse of official place.

Kotadiya, who had evaded regulation enforcement for months, was finally arrested in September 2018.

The case additionally places a highlight on Bhatt himself, who’s presently dealing with authorized proceedings for his alleged position in one other crypto-related kidnapping.

Authorities declare Bhatt kidnapped two BitConnect promoters and extorted hundreds of Bitcoin and Litecoin, together with over ₹14 crore in money.

He was arrested in August 2024 by India’s Enforcement Directorate on expenses together with kidnapping and cash laundering.

India’s ED Raids Crypto Fraud Community Tied to $29M Bitcoin Rip-off

Earlier this month, India’s Enforcement Directorate (ED) raided 11 locations across cities, together with Delhi, in reference to a world crypto fraud scheme. The crackdown adopted FIRs filed by the CBI and Delhi Police.

In accordance with officers, the accused posed as regulation enforcement or tech assist brokers to extort cash from each Indian and overseas nationals.

Investigators revealed that the fraudsters amassed over $29 million in Bitcoin, which was then transformed to USDT and liquidated by hawala channels within the UAE.

The raids, carried out below the Prevention of Cash Laundering Act (PMLA), focused people and operators linked to the scheme.

The operation comes shortly after one other ED probe right into a separate $4.7 million crypto scam involving a spoofed Coinbase website.

Property value ₹42.8 crore, together with 18 properties and financial institution credit, had been provisionally seized from accused Chirag Tomar and his associates. CoinDCX has been appointed to handle seized digital property amid the broader crackdown.

The put up India Jails 14 for Life in Crypto Extortion Case Involving Cops, Ex-MLA appeared first on Cryptonews.

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