- Police officers jailed for life after crypto kidnapping shocks India.
- Court convicts fourteen men in dramatic Bitcoin ransom abduction case.
- India delivers justice as crypto extortion plot ends in convictions.
Fourteen men have been sentenced to life imprisonment in India after being found guilty of orchestrating a shocking crypto-related kidnapping. Eleven of the convicts are police officers, a former superintending officer of police, and a former legislator. Special Judge B.B. Jadav in Ahmedabad pronounced the sentence after finding them guilty of kidnapping, extortion, and criminal conspiracy, local reports say.
The case arose out of the kidnapping of businessman Shailesh Bhatt in 2018, who was targeted for his cryptocurrency holdings. Bhatt was conned into stopping at a gas station by men posing as Central Bureau of Investigation officials. He was then kidnapped and taken to a farmhouse, where he was held at gunpoint by police officers who were part of the plot.
Also Read: El Salvador Splits $682M Bitcoin Reserve Into 14 Wallets Amid Security Fears
Crypto Ransom and Failed Cash Deal
The abductors initially demanded 176 BTC and ₹32 crore in cash, valued at around $3.6 million at the time. Bhatt was then pressed for delivery and surrendered 34 BTC, returning the funds of approximately $150,000 to his captors.
However, a second plan to deliver the extortion cash did not work. The courier who was supposed to perform the handover saw irregularities and refused to pay the money. This left only the Bitcoin side of the blackmailing transaction, which had been performed.
Strong Judicial Response
The sentencing is being seen as one of the most significant judicial crackdowns on corruption tied to cryptocurrency in India. The participation of several police officers in the crime brought up serious concerns about the abuse of power and trust in law enforcement.
It is pointed out that the case demonstrates the vulnerability of holders of large crypto amounts in jurisdictions with low regulatory protection. The convictions are also a reminder of the dangers of the abuse of power in criminal conspiracies.
The life sentences end a case that was distressing to both India’s justice system and the crypto fraternity. The verdict signals accountability for those who exploited their positions of power in a crime driven by digital assets.
Also Read: HKU Set to Accept Bitcoin for Tuition Fees – A Major Step in Crypto Revolution!
