Ex-Politician in India Indicted for $1.3 Million Bitcoin Extortion Case in Bitconnect Fiasco
Former Indian Politician Indicted for Bitcoin Extortion Case
A former Indian politician was declared an “offender” by Indian tribunals because of his recent involvement with a kidnapping case in which the coin of the extortion was Bitcoin. According to the local reports, Nalin Kotadiya, former Member of Legislative Assembly (MLA), which is India’s main political party, has been declared absconder from the law.
The report states that Kotadiya, which was indicted for his participation in a controversial Bitcoin extortion case, has been evading arrest and court summons ever since he was indicted.
The Bitcoin Extortion Case That Nalin Kotadiya Was a Part Of
The former legislator is connected to a high profile case in which more than 10 Indian policemen were arrested for many connected crimes including the kidnapping of Shailesh Bhatt, an Indian business man that was forced to hand over 200 Bitcoins ($1.3 million USD at the time) to get his freedom.
Kotadiya has been accused of being one of the masterminds of this crime and for receiving money. Ironically, the victim, Bhatt, has also been accused of being involved in another extortion plot. His case involved over 2,000 Bitcoins from a member of a company called Bitconnect.