In late December 2024, Mohammed Arsalan, a 30-year-old cryptocurrency trader from Karachi, Pakistan, was kidnapped and coerced into transferring $340,000 from his Binance account to his captors.
The incident began when an individual named Hamid contacted Arsalan, expressing interest in purchasing U.S. dollars. Despite Arsalan’s refusal, Hamid persisted and eventually visited Arsalan’s office in Saima Arabian Villas on December 24, accompanied by associates. They discussed a potential transaction involving $30,000, but when Arsalan requested payment, they deferred, suggesting another person, Ashar, would handle it. Later that night, at a local restaurant, additional individuals joined the group. Around 1:40 a.m. on December 25, a police vehicle without license plates arrived, carrying five men in plain clothes who claimed to be police officers. They forcibly abducted Arsalan, covering his mouth and taking him near the FIA Saddar office. There, they compelled him to unlock his Binance account and transferred $340,000 to various accounts. They also took cash from his pocket, reset his mobile phone, and released him near the Quaid-i-Azam mausoleum around 4 a.m.
Following his release, Arsalan filed a First Information Report (FIR) at the Manghopir police station. The investigation, led by the Anti-Violence Crime Cell (AVCC), resulted in the arrest of seven suspects, including an officer from the Counter-Terrorism Department (CTD). The arrested individuals were identified as Haris alias Ashar, Mohammed Rizwan Shah, Tariq Hasan Shah alias Amir, Muzamil Raza, Umer Jilani, Umer Irshad, and Noman Riffat. Efforts are ongoing to apprehend another policeman involved who remains at large.
Inspector General of Police Ghulam Nabi Memon emphasized that this criminal act was perpetrated by individuals and does not reflect the operations of the CTD. He assured that strict actions, including departmental proceedings and potential dismissal from service, would be taken against any police personnel found involved in illegal activities.
This incident highlights the risks faced by cryptocurrency traders and underscores the importance of vigilance and security in financial transactions.
Source
1: https://www.cryptopolitan.com/pakistani-crypto-trader-kidnapped/
2: https://www.dawn.com/news/1882945
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