In Bitcoin extortion case of $1.3 million, ex-Indian MLA detained 22721 In Bitcoin extortion case, former politician of India arrested
News
Ashmita Dutta
Sep 10, 2018 at 2:51 PM

Nalin Kotadiya, ex-MLA associated with the ruling party, BJP has been detained for being Shailesh Bhatt's abduction group member. During the interrogation procedure of Kirit Paladiya in May, 2018, the name of Kotadiya has come on surface. Till now, the latter has absconded the arrest until 9th September, 2018 when the cops of Ahmedabad Crime Branch from Dhuliya, Maharashtra trapped him, as per ANI report. This event would expedite the progress of a case in which Kotadiya is involved in Rs. 9.95 crore worth Bitcoin extortion in Surat.

The court has declared him to be a wanted criminal when he did not attend an interrogation session after a summon. In connection to the specified offense, the crime branch of CID filed an application that resulted in the summoning of the convict. As a defense mechanism, Kotadiya asserted himself to be innocent and that he was being victimized. The case involves kidnapping of Shailesh Bhatt, a builder based in Surat on 11th February of this year for the purpose of extracting Bitcoins.

The Investigation result

The investigation report has unveiled that Paladiya is the mastermind behind the entire plan and framed a conspiracy with SP Jagdish Patel for wrongly extracting from Bhatt all his cryptocurrencies. The convict, Kotadiya himself has accused the victim, Sailesh Bhatt of being involved in an abduction case of two investors from whom 2300 digital currencies were extorted on 1st February, 2018. With this detention of the ex-BJP MLA

This detention marks the latest development in the present case. However, such an instances are common in the domain of cryptocurrencies and bitcoins. Many a times, the criminals have taken undue advantage of the peer to peer system of payment within the digital space. In the form ransoms, there have been instances when the hackers demanded for altcoins or bitcoins on different platforms and websites.

 

See also: US SEC suspends Bitcoin Tracker One and Ether Tracker One

See also: Regulatory pressure and weak infrastructure caused the Bitcoin decline: Investor

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