Ransom in BIT coin: Victim’s kin gave one bitcoin to abductors, says chargesheet

The chargesheet mentioned that the accused kidnapped Jain by posing as property dealers from Banur and took him to Amritsar. After abducting Jain, the kidnappers contacted his family and demanded 200 bitcoins, costing Rs 2.05 lakh each. After receiving the ransom call, Jain’s family gave one bitcoin to the kidnappers while expressing inability to pay the rest. Jain, however, managed to flee from the clutches of his kidnappers from Amritsar on the night of June 22.

The chargesheet also mentioned that when the police team went to raid the place where Jain was kept on June 23, his kidnappers and Jain were not there.

The charge sheet further mentioned that all the accused were arrested from Rajpura-Sirhind bypass on National Highway 1 near Rajpura on June 23 by another police party, which was also keeping track of their activities. During interrogation, the accused told police that they received the bitcoin from Jain’s family and had a party at their hideout in Amritsar and hoped that they would get more bitcoins.

The prime accused, Deepak, a BSc (IT) graduate and also an MBA, has worked in banks and even invested in stocks. In November 2016, Deepak bought BIT coins as investment but the company that sold these to him allegedly duped him. He then made a plan to kidnap some rich people and demand ransom in BIT coins. It was the first case in the state when kidnappers demanded ransom in BIT coins.

The background of the case

– Accused kidnapped Jain by posing as property dealers from Banur and took him to Amritsar

– The abductors then contacted Jain’s family and demanded 200 bitcoins, costing Rs 2.05 lakh each

– Jain, however, managed to flee from the clutches of his abductors from Amritsar on the night of June 22