A Crime That Shocked the Crypto Community
On December 25, 2024, seven suspects, including an officer from the Counter-Terrorism Department (CTD), were arrested in Karachi, Pakistan, on suspicion of kidnapping crypto trader Mohammed Arsalan. The kidnappers demanded a ransom of $340,000. Authorities confirmed that another police officer involved in the crime is still at large.
How the Kidnapping Unfolded
Forced Transfer of Life Savings
Arsalan, a 30-year-old trader, was abducted from the Manghopir area. The kidnappers forced him to transfer $340,000 from his Binance account to several wallets under their control. He was released hours later near Quaid-e-Azam's Mausoleum.
Arsalan shared details of his ordeal on Facebook, including screenshots of his Binance withdrawal history. He claimed that $277,000 was moved through decentralized exchanges to a specific wallet before being transferred to Binance. While his claims have not been independently verified, the evidence provided is being used in the ongoing investigation.
The Suspects and Their Capture
Who Was Behind the Crime?
The Anti-Violence Crime Cell (AVCC) identified and arrested seven suspects, including known repeat offenders. Those detained included Mohammed Rizwan Shah, Tariq Hasan Shah alias Amir, Muzamil Raza, and others. The arrests were conducted across Karachi under the leadership of SSP Aneel Haider Minhas.
While the arrests have been made, the exact timeline of the crime and evidence linking each suspect to the incident remain unclear. According to AVCC, some of the suspects had previously been involved in similar crimes.
Troubling Questions
Suspicious Circumstances and Abuse of Power
Arsalan's account raises several unanswered questions. He stated that a man named Hamid had contacted him before the incident, offering to trade U.S. dollars. Despite Arsalan's reservations, a meeting took place, which eventually led to his abduction. The kidnappers then forced him to unlock his Binance account and transfer the funds.
The investigation revealed that the kidnappers used an unmarked police vehicle and possessed technological skills to reset Arsalan's phone and manipulate his crypto accounts.
Involvement of Police Officers
Inspector General of Police Ghulam Nabi Memon described the incident as an isolated case of individual misconduct, emphasizing that the police do not tolerate illegal activities. However, critics demand a thorough internal investigation to restore public trust in law enforcement's integrity and transparency.
Impact on Crypto Trader Security
A Wake-Up Call for Regulatory Measures
Arsalan expressed devastation over losing his life savings and vowed to ensure the perpetrators are brought to justice. His case highlights the urgent need for better protection of crypto traders in Pakistan.
The lack of regulation and security education around digital assets makes traders vulnerable to crimes like this. Observers hope this incident will serve as a catalyst for stronger legislative action and improvements to the legal framework for protecting digital assets.
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