According to Indian media, eleven people were involved in a kidnapping and bitcoin extortion ring, and of the accused ten are police officers, including an Inspector. Three victims were abducted and beaten until they allegedly gave up 200 bitcoin worth over one million dollars USD.
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Police Arrested in India Bitcoin Extortion Conspiracy
Director of India’s Crime Investigation Department (CID), Ashish Bhatia, announced, “Two policemen — constables Babu Der and Vijay Vadher — were arrested on Sunday. All other accused have gone underground. Efforts are on to nab them.” Mr. Bhatia was referring to a scheme involving upwards of nearly a dozen police officers, including an Inspector, in a violent extortion and kidnapping plot that might have ended in 200 bitcoin (over one million dollars) being stolen.
This has become rather commonplace in India over the past few months, especially as bitcoin’s price began to rise. In fact, “This is the second such incident in [same part of India] in the last one month. On March 11, two policemen — Anisuddin Saiyed and Chintan Shah were arrested for abducting a businessman and demanding ransom from him in bitcoins. Last June, a group of six people [were] arrested on the charge of abducting and demanding ransom in bitcoins from a businessman in the northern city of Mohali. In September, police had arrested six other persons for kidnapping, beating and robbing a New Delhi businessman who had gone to meet them in order to pay for Bitcoin in cash,” Sputnik News explained.
Inspector Anant Patel has reportedly gone missing after being accused of extortion and kidnapping.
Plot Twist?
Officials are accused of kidnapping three victims, one of whom is a prominent businessman, Shailesh Bhatt.
