Indian Politician Arrested Over $1.3 Million Bitcoin Extortion

A former member of the Legislative Assembly of India and a member of the ruling political party Bharatiya Janata Party (BJP), Nalin Kotadiya has been apprehended after being on the run for over two months and being accused of extorting millions in the form of Bitcoin and Altcoins in organized crime of kidnapping Shailesh Bhatt.

The Alleged Involvement

In May, while a particular suspect named Kirit Paladiya was being interrogated, the court was able to figure out that there was another accomplice which happens to be the ex-member of the Legislative Assembly of India, Nalin Kotadiya.
Since then, the court has issued an arrest warrant to this effect, and he has been until 9th September 2018 where he was arrested by the Ahmedabad Crime Branch police from Maharashtra’s Dhuliya and was reported by ANI. With his apprehension, the court hopes to achieve a fast-track in delivering justice in the Rs 9.95 crore bitcoin extortion case of Surat.
However, the ex-politician pleaded innocent of the charges levied against him. He reportedly claimed that he was being “set up” as regards this case which involves abduction of the Surat-based builders Shailesh Bhatt together with his associate cum nephew, Kirit Paladiya so as to maliciously acquire the former’s bitcoin from him on February 11, 2018.
But the investigation has proved otherwise as it was discovered that the ex-member of the Legislative Assembly is the master planner of the whole criminal activity and that he has conspired with a one SP Jagdish Patel and others now at large to forcefully get crypto-asset from Bhatt with an agreement to share the criminal proceeds.

A Recurrent Challenge

It is no gainsaying that this is not the first of its kind as issues like blackmails and other social vices have been the challenges facing the cryptocurrencies ecosystem, especially with Bitcoin. Workers of the elusive criminal world have adopted the ingenious cryptocurrency. Aside kidnappers, hackers have also been witnessed in a series of incidences demanding bitcoin and other cryptocurrencies for the release of whatever leverage they have on their victims.
The problem of security in cryptocurrency is for sure some thorny particles in the sector’s flesh, but it’s even harder to pluck the thorns out but not impossible, for instance tracking cryptocurrency inclined finance crimes within the ecosystem may seem to be complicated but it is achievable as the KYC demanded by regulators is targeted at that end.
This approach though seems nice and straightforward, it has been the subject of countless arguments in the crypto ecosystem as enthusiasts and experts have debated whether or not this might amount to an irony in the crypto sector on the ground this will redefine “decentralization” which is the core reason why digital currency was established in the first place.

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