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Monday, 9 April 2018

Police Officer stole $1.3 million worth of Bitcoin?


A businessman was kidnapped and forced to hand over 200 bitcoins. The Crime Investigation Department (CID) in the Indian state of Gujurat has accused 10 police officers of the kidnap, extortion and corruption. 

According to Times of India, Gujurat's CID branch filed a First Information Report - the initial step in conducting a police inquiry in India - against 10 officials and a civilian "fixer" on Sunday. The accused include nine constables and a local town's police inspector, whose name is reportedly Anant Patel.

The police officials are accused of kidnapping local residents Shailesh Bhatt, Kirit Paladiya and a driver referred to as Mahipal, taking them to a farmhouse, beating them and forcing them to transfer the bitcoins, according to a separate report from the Ahmedabad Mirror . The amount involved is equal to roughly $1.3 million, according to current prices.

See Also: Bitcoin, Onecoin and many more declared illegal in Pakistan

However, according to the director-general of police Ashish Bhatia, a Special Investigative Team is being formed to fully investigate the matter. And so far some have been arrested while others are still on the run. 

Bhatia also added:
"In his application, Shailesh Bhatt had mentioned the transfer of 200 Bitcoins worth Rs 12 crore ($1.8 million) from the digital wallet of his business partner, Kirit Paladiya. Another Rs 32 crore ($5 million) were allegedly paid for their release from a farmhouse. Later, Rs 78.5 lakh ($121,000) were allegedly paid to get the Bitcoins back. All these transactions mentioned in the application could not be proven."
Hence is the investigative team being formed. 

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