Bitcoin extortion case involves former MLA, says investigation report

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December 22, 2018 by
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Bitcoin extortion case involves former MLA, says investigation report

The crypto space in Indian territory is taken aback with the detention of an ex-MLA of the ruling party, Nalin Kotadiya in Shailesh Bhatt’s abduction case. The victim is a builder by profession, who fell into the trap of the kidnappers earlier this year on 11th February with the aim to extract Bitcoins from him. The involvement of the politician in this abduction came on surface while the interrogation of Kirit Paladiya, the mastermind behind the plan, was on in May, this year.

On the basis of ANI report, the Ahmedabad Criminal Branch cops from the Dhuliya, Maharashtra arrested him on 9th September, 2018. Prior to this, he has constantly attempted to flee from  the hands of the cops and denied turning up to the investigating sessions summoned by the court.

These violations incited the CID crime branch to submit an application and with this detention, the progression rate of another case expedited that involved Kotadiya usurping Bitcoins of value Rs. 9.95 crore in Surat. However, he claimed himself to be innocent and that, he was being victimised.

The Investigation Report

Paladiya, the primary convict joined hands with SP Jagdish Patel to orchestrate a conspiracy for seizing all the digital assets of Bhatt, as per the investigation report. To entrap the victim in a darker web, Kotadiya charged Bhatt with the kidnapping of two investors from whom the latter stole 2300 digital currencies 1st February, 2018.

No matter how much precautions are taken, such instances in the crypto world is not uncommon and unprecedented. More often that not, in case of cyber crimes, hackers demand for ransoms in the top most virtual asset in terms of its market cap and other altcoins via websites and different systems.

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