Pakistani crypto trader kidnapped, pays $340,000 for freedom

Pakistani crypto trader Mohammed Arsalan has been released after paying $340,000 worth of digital assets to his captors. According to a statement from the Inspector General of Police Ghulam Nabi Memon mentioned that authorities have apprehended seven suspects linked to the crime.

Memon mentioned that the criminals were apprehended late on Friday, adding that an officer of the Counter-Terrorism Department (CTD) was also fingered in the crime.

The Inspector General, said that another suspect, a policeman, is still at large with efforts being made to apprehend him as soon as possible. Memon noted that the group kidnapped the crypto trader and forced him to part with a ransom of about $340,000 before he was released.

The suspects currently in holding are Ashar, Mohammed Rizwan Shah, Umer Irshad, Muzamil Raza, Tariq Hasan Shah, Noman Riffat, and Umer Jilani.

Pakistani crypto trader regains freedom after ransom payment

According to the details of the incident, the Pakistani crypto trader Mohammed Arsalan, was taken from Manghopir on December 25. After he was kidnapped, the criminals forcefully transferred $340,0000 through different accounts on his Binance account. After the transfer, he was let go close to the Brigade police jurisdiction. After he was released, he filed a First Information Report (FIR) with the police in Manghopir.

An FIR under Sections 365-A (kidnapping or abduction for the purpose of extortion) and 34 (common intention) of the Pakistan Penal Code was registered by the police, and the investigation was subsequently handed over to the AVCC/CIA. According to the official document, the AVCC formed a team led by its SSP Aneel Haidar Minhas and the SHO of AVCC carried out technical actions in several parts of the metropolis, which led to the arrest of the seven kidnappers.

According to the FIR filed by Arsalan at the Manghopir police station, the issue started 15-20 days before he was abducted. The Pakistani crypto trader said he lived in Saima Arabian village, carrying out his crypto business. He mentioned that an individual called Hamid approached him to purchase US dollars, and he told him he didn’t buy or sell the currency. The Pakistani crypto trader said the individual continued to pester him over the next few days, but he avoided him.

Subsequently, Hamid, his friend Zohaib, and another individual went to his office at the Saima Arabian Villas on the night of December 24. Arsalan said he told them he did not have the currency, but will ask his friend to arrange it. In his FIR, the complainant mentioned that the suspects wanted $30,000, and when he asked for payments, they did not give any reasonable reply. After a while, they told him an individual named Ashar would make the payment, before going to a restaurant in the area by 1 AM on December 25.

The Pakistani crypto trader said that the suspects arrived in a police mobile at 1:40 AM, covered his mouth, and took him to a place around the FIA Saddar office. He said the individuals were with a policeman in plain clothes, who forcefully unlocked his phone, opened his Binance wallet, and transferred the funds into different accounts. He added that they also took the cash that was in his pocket. After the act, they reset his phone and dropped him at a well-known area in the community to find his way home.

Inspector General of Police vows to take action

According to the Inspector General of Police Ghulam Nabi Memon, the act is one that calls for the full weight of the law on the individuals. He added that the crime was not aided by the CTD but by an individual attached to the department. Memon mentioned that they have never tolerated such acts, and have always disciplined any officer caught on the other side of the law.

Memon noted that no one has been spared from the consequences of their actions, and none of the officers involved in this act against the Pakistani crypto trader will be accorded any leniency. Memon noted that aside from the FIR that was filed against the officers, the department will still carry out its investigation, and the culpable officers will be dealt with, noting a subsequent dismissal from the force.

A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.