Crooked cops in India caught in Bitcoin extortion plot

A group of police officers in India have been implicated in an alleged Bitcoin extortion scheme which involved the kidnapping of a businessman and crypto investor.

Despite the prevelance of cryptojacking cases, this instance is obviously very different in that it involved real-world violence.

Three people have been taken into custody after a complaint was made by businessman Shailesh Bhatt. The alleged victim claims that he, a friend and his driver were all kidnapped and taken to a nearby farm. He says they were then beaten until they agreed to transfer 200 Bitcoins ($1.3 million) to the attackers.

The lead investigator on the case said: “The FIR has been filed on the basis of evidence found by the team so far. In his application, Shailesh Bhatt had mentioned the transfer of 200 Bitcoins worth Rs 12 crore from the digital wallet of his business partner, Kirit Paladiya.

“Another Rs 32 crore were allegedly paid for their release from a farmhouse. Later, Rs 78.5 lakh were allegedly paid to get the Bitcoins back. All these transactions mentioned in the application could not be proven.”