The cryptocurrency worth Rs 7.2 crore was recovered on Wednesday.
The Ahmedabad CID (Crime) on Friday held meetings to find a way to freeze the 119 bitcoins seized from the key accused in a multi-crore extortion and kidnapping case. The bitcoins were recovered from the Binance wallet of Kirit Paladiya, the mastermind behind the crime, on Wednesday.
The cryptocurrency worth Rs 7.2 crore was recovered on Wednesday. Since this is the first time that the officials have seized bitcoins, they are still in the process of figuring out a way to freeze the assets. Sources told DNA that the CID is looking at three options to do the same.
They can either freeze the bitcoins in the Binance wallet by contacting the company, or transfer them to a government wallet, or sell the bitcoins and confiscate the money from the sale. "Mostly they are going to freeze the coins by contacting the company as we have come to know that it can be done," a senior CID official told the newspaper.
Ashish Bhatia, DGP, CID (Crime) said: "Right now, in the bitcoin matter, we are trying to follow the process of freezing the bitcoins which were seized from Kirit Paladiya by us." Paladiya was arrested on May 4. A sessions court bench on Thursday extended his remand by two more days on request from the CID.
BJP MLA Nalin Kotadiya still untraceable. Investigators reached ruling party MLA Nalin Kotadiya's house in Amreli on Friday, but he was not there. He is still untraceable but the police has taken his wife's statement.
On Monday, Kotadiya released a press note, stating that he was innocent and was being framed in the bitcoin case. He even alleged that in February, Surat-based builder Shailesh Bhatt had abducted Piyush Savaliya and Dhaval Malvani and extorted 2,300 bitcoins from them.
On Wednesday, Kotadiya faxed a letter to CID (Crime), stating he has been out of station for some personal work, and hence skipped the two summons. He even asked the CID officials to give him time, claiming that he will reach the CID office by May 11 or 12.
FLASHBACK
- The cryptocurrency worth Rs 7.2 crore was recovered on Wednesday.
- On Monday, Kotadiya released a press note, stating that he was innocent and was being framed in the case.
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