Nalin Kotadiya Declared Offender in Bitcoin Exortion

Nalin Kotadiya Declared Offender in Bitcoin Extortion

Former member of the Legislative Assembly (MLA) Nalin Kotadiya has been declared a proclaimed offender in a Bitcoin extortion case amounting to $1.3 million by an Indian Court.

Under Section 82 of the Code of Criminal Procedure with reference to an application filed by the Criminal Investigation Department (CID), Judge PG Tamakuwala declared Kotadiya a proclaimed offender. Even after the issue of the warrant, Kotadiya remained untraceable. CID re-initiated the proceedings again asking the court to declare him a proclaimed offender.

In India, a proclaimed offender proceeding is a procedure of the court, by which the court announces the individual as a wrongdoer and compels police to apprehend the individual named in the procedure. The passport of the wrongdoer is also confiscated so that they may not flee the country. The ruling ordered Kotadiya to appear before the court within 30 days.

The complaint in the case was filled by an Indian businessman Sailesh Bhatt, he said that he was kidnapped by policemen in February along with his business partner Kirit Paladia and was kept in a farmhouse and extorted BTC worth approximately $1.3 million owned by Paladia. Bhatt said that Nalin Kotadiya was involved in this and he put him under pressure for paying the ransom. The policemen involved in this case were subsequently arrested.

Kotadiya is a former MLA of the ruling BJP from Dhari in the Amreli district. He is also a leader of the Patidar caste.

Earlier this month, a report published by a cybersecurity company Carbon Black stated that roughly $1.1 billion worth of cryptocurrency has been stolen in the first half of the current year. It is estimated that there are 12,000 marketplaces and 34,000 offerings associated with crypto theft that hackers can take advantage of.

Former U.S. Federal Prosecutor Mary Beth Buchanan said in the Money20/20 Europe conference on June 4, that a lot more crimes have been committed with fiat currencies than crypto. Buchanan also stressed that there are now many commercially available tools that law enforcement can leverage to trace how currency has moved on a blockchain.

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