5 Men Arrested, 1 Dead In India Over Rs 450 cr Bitcoin Scam

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Yahoo News

5 Men from the Indian state of Kerala has been arrested, they are alleged of torturing businessman to death over Rs 450 cr Bitcoin scam. Uttarakhand police did this job as the offenders were trying to run away after the death of the victim.

Also read: Two Indian Canadian Involved In $233,320 Bitcoin Fraud

Rs 450 cr Bitcoin Scam?

Identity documents revealed that the victim was Abdul Shakoor, 35, from Malappuram in Kerala. Shakoor ran a business labeled under Bitcoin investment scheme. He had the team collecting money from various investors.

Shakpoor’s scheme failed. He was in financial trouble and the investors coming out in search of him. Shakoor left Kerala with his core team Aashiq, Arshad, Rehaab and Muneef. Shakoor disclosed to his close mate Aashiq about the failure of his business and is looking back to starting his own cryptocurrency to pay back the investors.

Aashiq was not convinced with what Shakoor told him, He was doubting Shakoor still had the Bitcoins of worth Rs 450 cr. Ashique made the plan to hatch Shakoor’s Bitcoin wallet password. With the offenders Faris, Arvind, Asif, Sufail, and Aftab, On August 12, Aashiq took Shakoor to Dehradun and eventually rented a house on August 26. Aashiq was joined by other members involved in the case and started torturing Shakoor to obtain the password.

“The accused tortured him so much to retrieve the password that Shakoor died. Because crores of money would be lost with his death, the men took him to a hospital, hoping for a miracle. However, since that hospital declared him dead, they took him to another hospital, where they received the same response. So, they abandoned the body in the car and fled the hospital.” Dehradun Senior Superintendent of Police (SSP) Arun Mohan Joshi told the media.

Yahoo News reported, Five men, all hailing from Malappuram, have been arrested: Faris Mamnoon, Arvind C, Asif Ali, Sufail Mukhtar and Aftab Mohammad. The Dehradun police are searching for five more men who were part of Shakoor’s core team: Aashiq, Arshad, Yasin, Rehaab and Muneef.

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