News

Indian Authorities Arrest Five Men in Connection to The Death of a Bitcoin Businessman

Published

on

.

Last modified

on

Head of Bitcoin scheme tortured to death

India’s authorities have arrested five men for allegedly torturing the head of a failed Bitcoin investment scheme to death. A report unveiled this news on September 2, noting that all suspects are from the state of Kerala.

According to the report, the staff of a local hospital found the abandoned body of the businessman in a parking lot on August 28. The hospital then alerted the Dehradun police in Uttarakhand. After combing through the car, the police found a hospital admission card and a diary among other documents. From the information that the officers discovered, they were able to identify the deceased as Abdul Shakoor. Shakoor, was a 35-year-old man from Malappuram, Kerala.

Per the hospital’s authorities, a group of four men brought Shakoor’s body in the car before taking off and abandoning it in the parking lot. Apart from his documents, the police also found that Shakoor had injuries consistent with torturing.

A $62 million Bitcoin Scheme

On probing the matter further, the police discovered that Shakoor’s co-workers had tortured him over a Rs 450 crore Bitcoin scheme. Arun Mohan Joshi, the superintended of police (SSP) of the Dehradun police disclosed these details. Per Joshi, Shakoor headed a network of teams that collected money from investors across India. 

After the business collapsed, the deceased fled with four members of his inner circle. He allegedly told one of them that his Bitcoin account had suffered a hack. Also, he told his confidant that he sought to launch a crypto coin to pay back the investors.

However, Shakoor’s confidant did not believe his claims. He contacted his colleagues to plot how they would obtain Shakoor’s password to gain access to the funds.

Shakoor’s Death Means Loss of Crores of Money

After Planning how to extort Shakoor, his confidant took him to Dehradun on August 12. On August 26, he and the four other men rented a house from which they allegedly tortured Shakoor to his death.

Explaining this event, local police said,

The accused tortured him so much to retrieve the password that Shakoor died. Because crores of money would be lost with his death, the men took him to a hospital, hoping for a miracle. However, since that hospital declared him dead, they took him to another hospital, where they received the same response. So, they abandoned the body in the car and fled the hospital.

Nonetheless, their life on the run was short-lived as multiple police teams traced their location using CCTV footage. The police also used surveillance partners in hotels and transport hubs to find the suspects.

This news comes after Pavel Nyashin, a Russian crypto investor and blogger suffered an attack after bragging about his crypto wealth online. Reportedly, masked assailants raided his home and made away with $425,000 in cash.

Do you think the crimes associated with crypto are part for the reason why India’s RBI has an anti-crypto stance? Let us know in the comments below.

Trending