Allegations of corruption involving crooked police officers and politicians, tax evasion, and a kidnapped kidnapper form the backbone of an investigation into how India’s Gujarat state lost more than $3 billion worth of Bitcoin, Bloomberg reports.
It all started in February, when Shailesh Bhatt, a property developer, accused a group of policemen of kidnapping him and demanding 200 Bitcoins in ransom, or some $1.8 million at the time. Gujarat’s Criminal Investigation Department (CID) launched an inquiry that has led to startling revelations.
The abduction is believed to have been masterminded by Bhatt’s uncle Nalin Kotadiya, a former lawmaker in Prime Minister Narendra Modi's ruling Bharatiya Janata Party, while Bhatt’s associate Kirit Paladiya allegedly carried out the kidnapping. However, CID lead investigator Ashish Bhatia also filed charges against Bhatt as the probe progressed.
Paladiya is currently behind bars, while Bhatt and Kotadiya have gone into hiding. Denying any wrongdoing, Kotadiya posted a v...
This article appeared first on Cryptovest