Ex-Indian Lawmaker to be 'Offender' in BTC Extortion Case

The name of Nalin Kotadiya appears in the case of 200 bitcoins which policemen allegedly extorted from businessman
19 June 2018   419

The court found Nalin Kotadiya, a former member of the Indian Legislative Assembly, implicated in the case of extorting bitcoins worth $ 1.3 million, guilty of evading justice, says SoinDesk.

The city court of Ahmedabad granted the request of the Criminal Investigation Department (CID) to recognize Cotadia as a "fugitive". According to Indian law, an ex-deputy is prohibited from traveling abroad, he can be arrested by any resident of the country, said Indian Express.

This decision was followed after repeated calls by Nalin Kotadiya to the court, which he ignored. Representatives of CID, having a warrant for his arrest, also could not find him at home.

The name of Nalin Kotadiya appears in the case of 200 bitcoins (at that time about $ 1.7 million), which policemen allegedly extorted from businessman Shailes Bhatta in February this year. According to new data, Kotadiya contributed to the abduction of Bhatta.

As noted by CoinDesk, CID already suspected Bhutt and his partner Kirita Paladia of extorting about $ 22 million in cash and bitcoins from a member of BitConnect, a financial pyramid that ceased operations in India in January this year.

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   265

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.