A crypto trader from Karachi in Pakistan🇵🇰 was allegedly abducted in a “police van” by accused persons posing as cops, who then robbed him off $340,000 (90 Million Pakistani Rupee) by wire transfers.

According to media reports, the victim has been identified as Arsalan, a resident of North Karachi, who is an active crypto investor. Police said The Tribune newspaper in Pakistan that on December 25 night, Arsalan was abducted outside his office in Manghopir neighborhood in Karachi by a group of five persons, who had arrived in a “police van”.

According to police, the accused gang identified themselves as officers from Karachi Police and forcibly made Arsalan sit in their van, after which he was abducted, blindfolded and taken to an area near passport office in Karachi. The victim crypto trader was then threatened at gunpoint by the accused gang, who then robbed him off his phone and 8000 Pakistani Rupee cash.

Police added that once the accused gang got access to the victim’s phone, they made several wire transfers from his multiple bank as well as crypto accounts amounting to $340,000. The victim was then abandoned near Mazar-e-Quaid area of Karachi.

Police have said that the victim, in his complaint, has claimed that he can identify the accused men, as they had approached him a few weeks ago, regarding certain crypto investment consultation. Arsalan’s report identifies four suspects: Muzzamil, Hamad, Ashir, and Zaman, along with one unidentified individual.

After the ordeal, Arsalan was released, but the criminals had already drained his bank accounts. According to reports, before the incident, a man named Hammad had contacted Arsalan approximately 15 to 20 days earlier, expressing interest in buying US dollars.

The police have filed a case under Section 365-A (Kidnapping for Ransom) and Section 34 (Common Intention) and it has been transferred to the Anti-Violent Crime Cell (AVCC) of Karachi Police for further investigation. Surveillance footage from the housing society’s main gate shows a police vehicle entering the premises around the time the crime occurred.

When Karachi SSP Haider, who is overseeing this investigation, was asked what actions should be taken to prevent police involvement in such cases, he stated that the relevant authorities responsible for addressing these matters should take appropriate action.