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CASE 032  |  Shailesh Bhatt  |  February 9, 2018  |  India
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DATABASE RECORD
  id                  32
  date                February 9, 2018
  original_date       February 9, 2018
  year                2018
  month               2
  quarter             2018-Q1
  victim              Shailesh Bhatt
  location            Amreli, India
  country             India
  scenario            Authority Misuse
  description         Police Officers Beat, Extorted 200 BTC from Businessman
  kidnappings         1
  violence_torture    1
  drugs_alcohol       0
  weapons             1
  theft               1
  life_taken          0
  money_wanted        (null)
  coin_type           (null)
  reports             The Block, Yahoo Finance
  notes               His ex-business partner was involved - he was the only one who knew about the investment. Cash stolen. The victim was accused of kidnapping two others earlier that same year.
  has_processed_date  1
  created_at          2025-11-13 05:44:45

AI SUMMARY  [generated at bulk import, NOT verified against sources]
  **Victim:** Sailesh Bhatt
  
  **Attackers:** Individuals misusing authority
  
  **Attack Method:** Authority Misuse - victim kidnapped
  
  **Violence Used:** Physical assault
  
  **Crypto Stolen:** Amount not disclosed
  
  **Status:** Investigation ongoing

LINKED SOURCES
  [url]  https://www.theblock.co/post/368846/14-sentenced-to-life-imprisonment-in-indian-bitcoin-extortion-case-including-11-police-officers

NOTES ON THIS FILE
  * matched to sheet row 33: reviewed and approved individually

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ARTICLE 1
  Source   The Block, Yahoo Finance
  URL      https://www.theblock.co/post/368846/14-sentenced-to-life-imprisonment-in-indian-bitcoin-extortion-case-including-11-police-officers
  Origin   reported_K&R sheet, row 33, column "Articles"
  Length   2,337 chars
  Trimmed  site furniture removed on review; kept text is verbatim. Full original (2,351 chars) archived, sha256 704d1501d31e7503662623487cca24ca4f468798d7e2f6f186ad5e4d7623d4d8
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Gujarat cops kidnap Surat builder, extort Bitcoins worth Rs 13 crore
Ten Gujarat cops allegedly kidnapped and extorted 200 Bitcoins worth Rs 13 crore from a Surat-based builder and businessman, making it possibly the first case of kidnapping involving cryptocurrency.

In possibly the first case of kidnapping involving cryptocurrency, the Gujarat Police's Criminal Investigation Department (CID) has filed an FIR against ten cops, including an SP and an inspector, for allegedly kidnapping and extorting 200 Bitcoins worth Rs 13 crore from a Surat-based builder and businessman.
Three of the accused cops have been arrested while the inspector is absconding.
The businessman, Shailesh Bhatt, had filed a complaint with the CID alleging that the state Central Bureau of Investigation (CBI) officer Sunil Nair threatened him over the phone and asked him to come to the Gandhinagar CBI office on February 9.
When he landed at the CBI office, Bhatt was allegedly beaten up in the torture room and asked to pay Rs 10 crore.
After Bhatt pleaded with Nair, the ransom amount was fixed at Rs 5 crore, which was paid via a Hawala trader.
Subsequently, he was released but was later abducted by the cops near a fuel station in Gandhinagar and taken to Keshav Farms.
"They beat me up inside a room and threatened to kill me in a fake encounter if I did not hand over my Bitcoins," Bhatt told India Today.
"Amreli SP Jagdish Patel and Amreli inspector Anant Patel were involved. I was forced to transfer Rs 13 crore in Bitcoins to Paladiya's account," he alleged.
Bhatt accused his former business partner Kirit Paladiya and ex-MLA Nalin Kotadiya of also being part of the plot.
"I contacted Paladiya post demonetisation in 2016 to invest my money. He advised me to invest in Bitcoins and knew about my investment," he alleged. When Bhatt approached Kotadiya, the ex-MLA allegedly pressured him to pay the ransom.
Ashish Bhatia, DGP, CID (crime), informed the media that though the initial inquiry has not confirmed the payment of Bitcoins, the names of superintendent of police Patel and inspector Patel are mentioned in the report. "Inspector Patel is absconding and we have started an inquiry against SP Patel. It is a case of abduction and extortion," he said.
The Gujarat CID registered the FIR under several sections of the Indian Penal Code.

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ARTICLE 2
  Source   The Block, Yahoo Finance
  URL      (no URL recorded for this column)
  Origin   reported_K&R sheet, row 33, column "Article 2"
  Length   3,190 chars
  Trimmed  site furniture removed on review; kept text is verbatim. Full original (3,456 chars) archived, sha256 ff5433cda9aca116d4ba27858490267f488bdf439072348929959f95405d6963
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14 sentenced to life imprisonment in Indian bitcoin extortion case, including 11 police officers

Fourteen people were sentenced to life imprisonment after being convicted of involvement in a 2018 kidnapping and extortion case, in which a Surat businessman was abducted and forced to sell bitcoin as a ransom, according to local news reports. 
The convicts include the district’s superintendent of police and a former legislative member.
The victim has himself been charged with a litany of offenses related to his own kidnapping and extortion of two BitConnect promoters. 

Fourteen men have been sentenced to life imprisonment by an anti-corruption court in India after they were convicted of involvement in a 2018 kidnapping of an Indian man targeted for his crypto holdings. 

The convicts include 11 police officers, including the former superintendent of police in the district where the crime took place, and a former member of India's legislative assembly. The men were convicted under the Indian Penal Code for kidnapping, extortion, and criminal conspiracy by Special Judge B.B. Jadav in Ahmedabad, according to local news reports. 

The complainant, Shailesh Bhatt, was allegedly lured to a gas station on February 9, 2018 by men posing as agents from India's Central Bureau of Investigation. Upon arriving, Bhatt was kidnapped and detained at a nearby farmhouse. Bhatt was then reportedly threatened by the police officers at gunpoint until he agreed to meet their ransom demands. 

The kidnappers initially demanded 176 BTC plus ₹32 crore in cash (currently about $3.6 million USD), but following negotiations, Bhatt sold 34 BTC and transferred the proceeds, about $150,000 USD, to his abductors. A deal to deliver the cash ransom fell through after the courier sensed foul play and did not transfer the money, according to reports. 


Following their investigation, the prosecution lined up 172 witnesses to testify, including digital forensics experts, bank officials tracing fund transfers, and even some of the involved constables who turned approvers. 92 of those witnesses turned hostile during the trial, retracting or altering their testimony, raising concerns of potential witness intimidation behind the scenes. Judge Jadav issued a perjury notice to 25 hostile witnesses at the sentencing. 

All 11 police officials involved were not only found guilty of the kidnapping and extortion, but also specifically under corruption law provisions for abusing public office. Nalin Kotadiya, the former Member of the Gujarat Legislative Assembly who represented the Dhari constituency (including the Amreli district where the crime took place) from 2012 to 2017, had evaded arrest for several months before his capture in September 2018. 

Bhatt himself has been accused of kidnapping two BitConnect promoters and extorting them for 2,091 BTC, 11,000 LTC and ₹14.5 crore ($1.6 million USD) in cash. Bhatt was arrested on August 13, 2024 by India's Enforcement Directorate and charged with a litany of offenses, including kidnapping and money laundering, in his attempt to recoup his investment after BitConnect collapsed. Bhatt's case continues to wind through Indian courts. 

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ARTICLE 3
  Source   The Block, Yahoo Finance
  URL      (no URL recorded for this column)
  Origin   reported_K&R sheet, row 33, column "Article 3"
  Length   2,795 chars
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India Jails 14 for Life in Crypto Extortion Case Involving Cops, Ex-MLA
The convicted include 11 serving and former police officers and one former legislator, Nalin Kotadiya, who served in Gujarat's Legislative Assembly from 2012 to 2017.

An Indian anti-corruption court has sentenced 14 men to life in prison for the 2018 kidnapping and extortion of a businessman over his cryptocurrency holdings.

Key Takeaways:

An Indian court sentenced 14 men to life in prison for kidnapping a crypto investor in 2018.

The victim was abducted at gunpoint and forced to transfer 34 BTC, with a larger ransom demand later thwarted.

The victim himself is now under investigation in a separate crypto extortion case involving BitConnect promoters.

The convicted include 11 serving and former police officers and one former legislator, Nalin Kotadiya, who served in Gujarat’s Legislative Assembly from 2012 to 2017, per local outlets.

The group was found guilty of kidnapping, extortion, and conspiracy under various sections of the Indian Penal Code. The sentencing was handed down by Special Judge B.B. Jadav in Ahmedabad.

Indian Businessman Lured and Abducted in Crypto Extortion Plot
The case stems from the abduction of Shailesh Bhatt, a businessman from Surat, who was reportedly lured to a gas station on February 9, 2018, by men pretending to be officers from India’s Central Bureau of Investigation.

Once there, Bhatt was taken to a farmhouse near Gandhinagar and held at gunpoint by police officers demanding cryptocurrency and cash.

Bhatt was forced to sell 34 Bitcoin, worth approximately $150,000 at the time, and transfer the funds to his captors.

A larger demand of 176 BTC and ₹32 crore (roughly $3.6 million USD) in cash was also made, but the courier delivering the cash suspected a setup and failed to complete the drop.

Prosecutors brought in 172 witnesses during the trial, including digital forensics specialists and bank officials.

However, 92 of those witnesses later recanted or altered their testimony. Judge Jadav responded by issuing perjury notices to 25 of them, citing concerns over witness tampering and obstruction of justice.

All 11 police officers were additionally convicted under India’s Prevention of Corruption Act for misuse of official position.

Kotadiya, who had evaded law enforcement for months, was eventually arrested in September 2018.

The case also puts a spotlight on Bhatt himself, who is currently facing legal proceedings for his alleged role in another crypto-related kidnapping.

Authorities claim Bhatt kidnapped two BitConnect promoters and extorted thousands of Bitcoin and Litecoin, along with over ₹14 crore in cash.

He was arrested in August 2024 by India’s Enforcement Directorate on charges including kidnapping and money laundering.

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generated from attacks-export-Gart-website.json + reported_K&R  |  case 032
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