- A Karachi-based crypto trader was forced to transfer $340K.
- Seven suspects, including a CTD officer, were arrested.
A cryptocurrency trader in Karachi, Pakistan, faced a terrifying ordeal on December 25, 2024. Mohammed Arsalan, aged 30, was abducted by a group of armed men and forced to transfer $340,000 from his Binance account. The suspects included seven individuals, one of whom was an officer from the Counter-Terrorism Department (CTD).
Arsalan was kidnapped from Manghopir, a neighborhood in Karachi. The abductors, traveling in an unmarked police vehicle, gagged him and transported him near the FIA Saddar office. There, they forced him to unlock his Binance account and transfer the funds to multiple wallets. After resetting his phone, they released him near the Quaid-e-Azam Mausoleum in the early hours of the morning.
Seven Arrested in Crypto Trader Kidnapping
The Anti-Violence Crime Cell (AVCC) arrested seven suspects in connection with the crime. The arrested individuals include Mohammed Rizwan Shah, Tariq Hasan Shah, Muzamil Raza, Umer Jilani, Umer Irshad, Noman Riffat, and Haris alias Ashar. Officials described them as habitual offenders previously involved in similar crimes. However, efforts to capture another implicated CTD officer remain ongoing.
Arsalan shared evidence of the forced transfers on Facebook, posting screenshots of his Binance withdrawal history. The transfers included various cryptocurrencies like USDT and PEPE. Investigators face challenges in tracing the stolen funds due to the anonymity provided by decentralized finance systems.
The incident has sparked concerns about the safety of cryptocurrency traders in Pakistan. Critics are questioning the misuse of authority by law enforcement. Inspector General of Police Ghulam Nabi Memon labeled the crime as an isolated act and assured that all individuals involved would face justice.
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