A former BJP legislator and 11 police officials were convicted for the 2018 abduction of a Surat businessman in a scheme designed to seize over 750 Bitcoin that was meticulously planned.
An Indian anti-corruption court delivered life imprisonment to 14 individuals, including 11 police officials and a former BJP MLA, for the 2018 kidnapping and extortion of cryptocurrency from a Surat businessman that was meticulously documented.
Special Judge B.B. Jadav issued a judgment in Ahmedabad on Friday, finding the group guilty of criminal conspiracy, kidnapping for ransom, illegal detention, and assault that was meticulously documented by The Times of India.
Among those who were convicted are former Amreli district superintendent of police Jagdish Patel and ex-MLA Nalin Kotadiya. All 11 police officers, which includes former IPS officer Patel, were also found to be guilty of misconduct by public servants under the Prevention of Corruption Act.
The case revolves around a businessman named Shailesh Bhatt, who had reportedly recovered a portion of his lost investment from the BitConnect developer, Dhaval Mavani, in the form of Bitcoin. This occurred after the $900 million company he had invested in was shut down.
Surat Businessman Kidnapped for Bitcoin
Upon learning that some of his investments were recovered by Bhatt, Kotadiya and senior officers in Amreli allegedly devised a plan to seize the crypto. On February 11, 2018, Bhatt was abducted and was illegally held at Keshav Farm near Gandhinagar.
The kidnapping was led by Amreli local crime branch inspector Anant Patel, and it involved several officers. Bhatt was reportedly beaten and coerced into admitting that he had been given 752 Bitcoin by Mavani.
He was forced to confess that he had stored 176 of them with his associate, Kirit Paladiya, and had sold the remaining for approximately $5 million.
Bhatt was only released after he agreed to transfer a portion of the Bitcoin and $3.6 million in cash. When the agreement was not completed, Bhatt was forced by the accused to sell 34 Bitcoin from Paladiya’s wallet, which resulted in an extortion of $150,000.
Probe into Crypto Kidnapping Leads to 15 Arrests
A complaint was later filed by Bhatt with the Union home ministry, which prompted a criminal investigation and the arrest of 15 people. During the trial, 173 witnesses were presented by the prosecution, which was led by special public prosecutor Amit Patel.
The court also ordered that gold ornaments recovered from Amreli SP Patel be confiscated and transferred to the Master of Mint in Mumbai.
A South Korean man was arrested last week by Thai authorities on suspicion of helping a call center gang launder cryptocurrencies into gold. The value of the laundered gold was over $50 million.
