The post Local Pakistani crypto trader abducted and forced to transfer $340k appeared on BitcoinEthereumNews.com.

Ransom victim recounts harrowing ordeal as kidnappers force transfer of life savings. On Dec. 25, 2024, in Karachi, Pakistan, seven suspects—including an officer from the Counter-Terrorism Department—were taken into custody on suspicion of participating in the kidnapping of a cryptocurrency trader and demanding a ransom of $340,000. While confirming that one CTD officer had been arrested, Inspector General of Police Ghulam Nabi Memon stated that attempts were still underway to capture another police officer implicated in the crime. The victim, 30-year-old Mohammed Arsalan, was kidnapped from Manghopir, a well-known neighborhood in the northwestern part of Karachi. According to Arsalan, the abductors forced him to transfer $340,000 from his Binance account to several wallets they controlled before releasing him hours later near the Quaid-e-Azam mausoleum. Arsalan later shared additional details on Facebook, but independent sources largely unverified his claims, including the specific amount transferred and the exact sequence of events. He claimed that $277,000 of the stolen amount was transferred to a specific wallet through decentralized exchanges before being moved off-chain to Binance. Arsalan Malik’s Post | Source: Facebook While Arsalan assured the public that law enforcement was actively working to trace the transactions and identify the individuals behind the wallets, experts have pointed out the challenges of tracking funds through decentralized finance systems, where anonymity is often a core feature. Arsalan also posted a screenshot of his Binance withdrawal history on Facebook, showing multiple forced transfers in various cryptocurrencies, including significant amounts in USDT and other tokens, totaling over $340,000. Although screenshots can provide useful evidence, investigators must authenticate this data to fully corroborate his account. The suspects, identified as Mohammed Rizwan Shah, Tariq Hasan Shah alias Amir, Muzamil Raza, Umer Jilani, Umer Irshad, Noman Riffat, and Haris alias Ashar, were apprehended by the Anti-Violence Crime Cell. According to a…

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Filed under: News - @ January 6, 2025 12:22 am