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Policemen who extort Bitcoin worth $1.3 million from a businessman arrested

 

Police in India have a nasty fame for extortion and bribery, however in a primary, the policemen have gone relatively tech-savvy of their strategy as they’re going straight for Bitcoin. The Crime Investigation Division (CID) within the Indian state of Gujarat has accused 10 law enforcement officials of kidnapping, tried extortion and corruption after they allegedly kidnapped a businessman and compelled him handy over 200 Bitcoins.

Gujarat’s CID department filed a First Info Report (FIR) towards 10 officers and a civilian “fixer” on Sunday, as reported by the Times of India. The accused embody 9 constables and an area city’s police inspector, whose identify is reportedly Anant Patel.

The police officers are accused of kidnapping native residents Shailesh Bhatt, Kirit Paladiya and a driver known as Mahipal, taking them to a farmhouse, beating them and forcing them to switch the Bitcoins, in response to a separate report from the Ahmedabad Mirror. The quantity concerned is the same as roughly $1.three million at present costs of Bitcoin.

The report says that Bhatt was compelled to pay one other third social gathering to retrieve his bitcoins. Nevertheless, director-general of police Ashish Bhatia stated an preliminary investigation couldn’t confirm that the 200 Bitcoins have been really transferred from Bhatt to Patel, and police would look at each residents’ wallets for proof, in response to the Instances.

Following the grievance, two of the accused policemen have already been arrested whereas the remaining have gone underground, stated the Director Normal (DG) of the Gujarat CID.

Whereas there have been many circumstances of BTC extortions the world over, this may simply be the primary that concerned the police as accused.

Cryptocurrencies have been operating lots of dangerous information in India not too long ago. The reserve financial institution of India has additionally issued a directive towards Indian banks to indulge with any cryptocurrency-related enterprise, though there’s no regulation applied in India but.

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