India: police officers are accused of extorting $1.3 million in bitcoins

India: police officers are accused of extorting $1.3 million in bitcoins

Investigative Department (CID) of the Indian state Gujarat has indicted 10 police officers in kidnapping, attempted extortion and corrupt practices. According to the investigation, the suspects kidnapped a local businessman and extorted more than 200 bitcoins.

According to the report of the CID, among the suspects — ten police officers, including local police inspector and broker of civilians. in addition to the businessman Shailesh Bhaṭṭa was kidnapped by his friend kirit Paladiya and personal driver named Mahidol. Victims allege that police took them to the farm, he was beaten and demanded to transfer more than 200 bitcoins, which is about $1.3 million at current exchange rate.

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The kidnappers Also released immediately as he promised to provide them with 320 million Indian rupees through the clearing system the Hawala (informal financial-settlement systems based on netting of claims and obligations between brokers that is used primarily in the middle East, Africa and Asia). According to reports Ahmedabad Mirror, Bhatt was forced to pay a third party in order to recover their bitcoins. However, the chief of police Ashish Bhatia said that the initial investigation had not revealed the fact of the transfer of 200 BTC. The police intends to examine the transaction history.

From Ashish Bhatia is the assumption that the businessman was kidnapped because of a complaint against an unknown, according to which Bhatt himself stole those 200 bitcoins. However, there is no evidence of this.

A special investigation team was formed to fully investigate this matter. As reported at the moment three of the suspects were arrested and seven more are wanted.

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