Categories: Bitcoin Business

Criminal Gang Abducts and Tortures Cryptocurrency Traders, Demands Massive Bitcoin Ransom

Click here to view original web page at www.newsweek.com

A criminal gang operating in India kidnapped and tortured cryptocurrency traders in recent weeks before demanding 80 bitcoins as ransom, police say.

The ordeal—which lasted more than two weeks for the victims—came to an end yesterday as seven people linked to the gang were arrested, the Hindustan Times newspaper reported. Law enforcement in Jaipur city said the police operation on Sunday lasted 13 hours.

Three men had been held captive for 15 days inside a high-rise building and were beaten or tortured, deputy commissioner of police (DCP) Vikas Sharma told local media. The individuals were named as Luftan Shaikh, 19, Mohammad Shazad, 36 and Malang Shah, 44.

"The gang kidnapped Shaikh and Shazad, two bitcoin traders, and demanded 80 bitcoin worth ₹8 crore ($1.2 million). Shah was kidnapped two days later. The gang demanded ₹10 lakh ($15,000) from his family members," the deputy commissioner said in a statement. The price of digital currency bitcoin fluctuates daily, which likely explains the difference in exchange rate.

Police said officers were alerted to the scheme after a 20-minute chase resulted in the arrest of a suspect who was seen carrying a pistol in Bhakrota, which is a residential area in Jaipur. The man told officers about the kidnapping and gave up the location of the apartment building.

India-based media outlet NDTV reported that the cryptocurrency traders had been lured into the region by gang members who claimed to be selling bitcoins at a low price.

"[The gang] wanted to extort money from the trio. They held them hostage in the flat and had threatened to kill them if the demands were not met," NDTV quoted Sharma as saying. "Not even their family members were aware of the abduction. The victims had lost all hope because they had no access to anyone." Police said they seized guns and SUVs from the criminals.

The suspects were identified by local media as Jitendra Kumar, 21, Deepak Kumar, 22, Anupam Soni, 19, Pawan Kumar, 20, Bhawani Singh, 19, Lokendra Singh, 24 and Rahul Kumar, 19. Lokendra Singh is from Rajasthan and the others are originally from Haryana.

As reported by The Next Web, it's not the first time cryptocurrency traders have been targeted by extortion gangs. In January this year, it emerged that police in South Africa had arrested two suspects who allegedly kidnapped a 13-year-old boy and demanded bitcoins from his parents. He was safely returned to his family, local media outlet Times Live reported. The pair were caught after attempting to kidnap a teenage girl.

A visual representation of the digital cryptocurrency, Bitcoin on May 3, 2018.

The ordeal—which lasted more than two weeks for […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Argo: New Agreement Signed to Expand Power Capacity by 357%

LONDON--(BUSINESS WIRE)-- Argo will also have an option to boost mining capacity by up to 1360 petahash (PH), or 1.36… Read More

53 mins ago

Legendary Investor Bashes ‘Psycho-Currency’ Bitcoin, Then Accidentally Makes Crypto Case

Mark Mobius, founding partner of Mobius Capital Partners claims bitcoin's emergence will further drive investors to gold. | Source: REUTERS/Francis… Read More

53 mins ago

Hitting This Key Area Could Trigger a Quick Bitcoin Price Boom

Bitcoin price is having a volatile week. | Source: Shutterstock By CCN Markets : Since August 15, in less than… Read More

53 mins ago

Online Blockchain Launches Cryptocurrency Subscription Service for New Coins and Tokens

- Innovative 'HODLbox' enables subscribers to exploit nascent cryptos - LONDON, Aug. 20, 2019 /PRNewswire/ -- Online Blockchain plc (… Read More

53 mins ago

Maharashtra to use blockchain technology to monitor services

Maharashtra , the second largest state in India, announced that they will be using blockchain technology in a wide variety… Read More

53 mins ago

People Who Want to Control Their Capital Buy Bitcoin, Says Circle CEO

Jeremy Allaire, CEO at cryptocurrency financial services company Circle, expressed his optimism in regards to Bitcoin ( BTC ) being… Read More

54 mins ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More