Kidnappers in India Demand Bitcoin for Ransom

An Indian bitcoin investor is the alleged mastermind of a kidnapping that was complete with a ransom demand for bitcoins. Within the first-known case of its type within the northern Indian state of Punjab, six people kidnapped an India’s trader on May 30. The alleged mastermind is recognized as Deepak, a bank worker and stock marketplace investor. Deepak reportedly bought bitcoin as a funding remaining 12 months and has since claimed that the organization promoting him the digital currency had scammed him. With losses within the stock marketplace, Deepak ran up a debt of almost six million rupees, paving the path to crime.


Deepak, in custody with the rest of his companion, targeted nearby property dealers in the nation as a purported funding representative. Upon telling the seller that he was interested in shopping for the property, the consumers met the victim and kidnapped him. The abductors then demanded twenty bitcoins as ransom earlier than releasing the victim after six days. With an investigation presently underway, information are scarce. It is still unknown if the victim’s family paid the ransom.

As bitcoin gains popularity within the second most populous country in the world, there is a rise in bitcoin-associated crime in latest months. In 2016, the town of Lucknow noticed its first legitimate police case of fraud concerning bitcoin. In March, a senior official from the Indian crime department pointed to some of scammers who’re increasingly more abusing cryptocurrencies.


The official said:

“Cases of fraud associated with bitcoins are becoming more common. The increasing popularity and acceptance of Bitcoin around the world has attracted many new buyers. All in all, cashing on its growing reputation, a few scamsters are also running fraud set-ups.”

The lack of law of the bitcoin bisuneess and different cryptocurrencies has spurred the authorities into action in setting up an inter-governmental digital currency committee earlier in March. The committee, tasked to analyze and suggest a regulatory framework for the future of cryptocurrencies within the India, is predicted to submit its findings to India’s finance ministry by the end of July. In spite of calls for a blanket ban by several politicians, Indian reviews have already claimed that the government is preparing a regulatory and legislative framework for bitcoin.


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