Former Legislator of India Detained for Bitcoin Extortion
On 10th September, Nalin Kotadiya, a former MLA and a BJP associate, was imprisoned for ten days on charges of $1.3 billion BTC extortion.
Authorities and CID have arrested Kotadiya, who is reportedly involved in the laundering case of $1.3 billion of Bitcoin. Following the arrest, the exceptional anti-corruption officials have sentenced him ten days behind bars for interrogation.
It was during April when the CID had begun investigating the theft of 200 BTC and kidnap of Sailesh Bhatt, an Indian entrepreneur. Sunil Nair, the CBI officer along with other police officers, were accused of beating Bhatt black and blue until a $770,000 ransom was paid.
Following his release, Bhatt underwent a kidnapping and was compelled to transfer a sum of 200 BTC to Kirit Paladiya, his business partner. It has since been discovered that Kotadiya, the BJP member, was also a perpetrator of the demand.
On the Run
Indian Courts in June sentenced Kotadiya as an offender in the Bhatt case, but he was unable to be traced followed the issuance of an arrest warrant.
It was in July when Shaktisinh Gohil, an INC official, demanded a full-fledged investigation in the Bitcoin scam that was estimated to be worth up to $723 million. The scam involved several members of Bharatiya Janata party that had used the path of cryptocurrency for fraudulent activities and extortion. Gohil believed that if they can trace Kotadiya, several heads of BJP can also be discovered.
The interrogation of Kotadiya is thus a process of finding out about the other member who was also a part of the scam. Kotadiya confessed that he was forced to hide as he feared for his well-being. This is because he might be forced to reveal specific names of politicians as well as industry veterans who don’t want to fall into the limelight, and in result conspired to kill him.