Police Arrests Another Suspect on the 100 BTC Ransom Kidnapping in India

The 100 BTC kidnapping case in the Indian state of Karnataka continues to develop as the local police have arrested another suspect on the case. Reports say he was the one who abducted the kid in front of his home after being recruited by the mastermind of the entire operation.

Progress On A 100 BTC Ransom Case

Just a couple of weeks ago, perpetrators demanded a 100 BTC ransom for the son of a local businessman and crypto investor after abducting the eight-year-old boy in front of his home in Karnataka. Shortly after, the police managed to capture six suspects on the case, all related to the victim’s family.

However, the police in India have captured another suspect, allegedly connected to the case. According to a local news report, authorities have arrested a hotel receptionist, suspecting that he had participated in the kidnapping.

The seventh alleged accomplice in the kidnapping is reportedly a Bengaluru resident named Naveen. Police said that the main mastermind of the criminal operation contacted him before the abduction and promised a reward of Rs 30 lakh (over $40,000) for his help. Afterward, Naveen persuaded a cab driver to assist in kidnapping the kid while the minor was playing near his home.

£78,000 ($100,000) Seized in Cryptocurrency

In another case of cryptocurrencies involved in illicit activities, the Nottingham police have seized £78,000 (or $100,000) in virtual currencies while executing a warrant on December 7th.

Later on, the authorities secured a Restraint Order at Nottingham Crown Court to freeze an additional £500,000 of assets, including property and vehicles. During the investigation, officers arrested a 49-year-old man. He is suspected of fraud and money laundering but was bailed out while police conduct further inquiries.

In cooperation with Fraud Team, Nottinghamshire Police’s Financial Investigation Unit has led the investigation, supported by the National Crime Agency.

This is reportedly the first cryptocurrency seizure case for the local police.

“This investigation has been ground-breaking for us in relation to the seizure and investigation of this cryptocurrency, and all the staff involved in this operation have worked tirelessly to ensure we secure all available evidence and assets,” said Detective Inspector Nikki Smith, head of Financial Investigation and lead for cryptocurrency.

Crypto Popularity in Criminal World On the Rise?

Recently, Bitcoin and other major cryptocurrencies appeared in several criminal cases, including kidnapping and ransomware attacks.

Recently, one of the world’s major electronics manufacturers, Foxconn, suffered a DopplePaymer ransomware attack. A hacker’s group infiltrated and compromised data from the company’s North American facility, after which they published the stolen information on a data leak website. During the attack, the hackers demanded 1,800 bitcoins, or about $34 million.

In their recent research, multinational cybersecurity and anti-virus provider Kaspersky shared their vision of the future crypto-related crimes. According to them, there is a big chance that BTC’s rising value might turn the crypto asset into a major target for bad actors. Thus, advising companies to seek advice and means to prepare for these new threats.

Publication date: 
12/30/2020 - 21:56

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