This may be India’s first Bitcoin extortion case

• Officers from Amreli district’s local crime branch unit have been accused of abducting and forcing the businessman to transfer 200 Bitcoins worth ₹120 million.
  
• He was released on the surety that he would give them an additional ₹320 million through hawala.
  
• The CID has formed a team to probe this high profile case.

Surat-based builder and real estate player Shailesh Bhatt accused police officers from Amreli district’s local crime branch unit for abducting and forcing him to transfer 200 Bitcoins worth ₹120 million to them. He was released on the surety that he would also give them an additional ₹320 million through hawala.

Acting on a complaint by the businessman on 23 February, Ashish Bhatia, the director general of police, Crime Investigation Department (CID) told Hindustan Times that, “Two policemen — constables Babu Der and Vijay Vadher — were arrested today (08 April). All other accused have gone underground. Efforts are on to nab them.” In all, eight police officers have been booked for the crime and Anant Patel, Amreli local crime branch unit inspector, is the main accused in the case.

The incident took place on 11 February, when the businessman was apparently asked to get to Gandhinagar by the policemen. He was then abducted and taken to a farmhouse where he was strong-armed into transferring the Bitcoins to an unidentified account. And though there is no evidence of the Bitcoin transfer, according to Bhatia, the accuser’s other claims have checked out.

What is unclear, however, is why was Shailesh Bhatt picked for this crime. There is a distinct possibility that he was targeted because he himself may have stolen the Bitcoin from someone else. To which, Bhatia said, “Even if there was an application against Bhatt, it should have been forwarded to the superintendent of police or some higher authority for investigation,”

The CID has formed a team to probe this high profile case.