An Indian anti-corruption court has sentenced 14 individuals, including 11 police officials and a former Bharatiya Janata Party legislative assembly member, to life imprisonment for their involvement in a cryptocurrency extortion case. The group was found guilty of kidnapping businessman Shailesh Bhatt in 2018 to extort Bitcoin and $3.6 million in cash. The court ruled the defendants guilty of criminal conspiracy, kidnapping for ransom, illegal detention, and assault.
The case stemmed from Bhatt's recovery of part of his investment in Bitcoin following the collapse of BitConnect. Upon learning of his financial recovery, the convicted officials orchestrated a plan to kidnap Bhatt and force him to transfer his cryptocurrency holdings. The businessman was eventually released after complying with their demands.
Indian Court Sentences 14 to Life for Cryptocurrency Extortion
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