
In an off crypto market event, Nalin Kotadiya who formerly held positions in the Indian legislative council has been declared a “proclaimed offender” after failing to show up at a court hearing for an alleged involvement in a Bitcoin extortion case.

The sum of $1.3 million is claimed to have been extorted from the victim Shailesh Bhatt by a gang comprising of Kotadiya and ten policemen including Ketan Patel, Jatin Patel sometime in February.

The abduction of Bhatt was according to the CID planned by Bhatt’s friend Kirit Paladiya who is now already in their custody.

Given that the accused Main Kotadiya has paid a deaf ear to calls requesting his appearance in court and has since been out of the reach of the Criminal Investigation Department (CID), a court session in Ahmedabad labeled him an ‘absconder.’

Following the declaration, he will no longer be able to leave the shores of the country and can now be arrested by any resident of the country even though no rewards were promised.

Surprisingly, the alleged victim Shailesh Bhatt has also be charged by the CID after investigations revealed that he had connived with an ally to extort $22 million – including cash and over 2,000 worth of Bitcoin from a certain Dhaval Mavani who was an associate of a Bitcoin Ponzi scheme BitConnect.

Bhatt is also said to have been a member of the Bitcoin Ponzi scheme until it hit rock bottom in January, thus supporting the CID’s claim that it could have been a case of Kotadiya and co-robbing a robber to fill in their pockets.

With an eye set on bringing the alleged criminals to book, the CID also would hope that this case serves a strong lesson to individuals and businesses who are looking to jump into Bitcoin investments that promise huge returns in little or no time.

Cases of extortion have always been the result and could happen to anyone who fails to look before they leap.

Many have fallen victim to fraudulent Bitcoin and cryptocurrency schemes over the years, and an eagle eye is a must for aspiring investors.