MUMBAI: Indian authorities arrested a criminal police constable and his seven associates on Wednesday, February 02, 2022. The authorities charged them for kidnapping a local crypto trader to get a bitcoin ransom worth $40 million. 

Dilip Tukaram Khandare came to know about a person residing at Pune, the east commercial capital of Mumbai, possessing a worththroughout the time Bitcoin wallet. So he prepared a plan to snatch him.

He and his associates kidnapped a 38 years old Vinay Naik on January 14. They ordered the crypto trader to send them all his cryptocurrency from his digital wallet worth $40 million (Three billion Indian rupees) equal with a cash cost of 800,000. 

Related Reading | Pune Police Officer Arrested Over Crypto Kidnap Plot


Bitcoin Price
Bitcoin staying creeping at around $37K for a week. Source:

The police were on their tail, and the kidnappers reached this, so they let Naik go after brief consideration. Police arrested criminals rapidly well in time.  

Later in a press release, a senior police officer affirmed;

“We have taken eight people, including a police constable who planned the abduction into custody,”

New Rules and Taxes For Crypto Trader

Cryptocurrency is a hot financial topic in India, with several glitzy platforms and celebrity verifyments mcomparableg it seem like an attrin place investment. However, there are still many risks for those who invest in this market. Scams happen every day, so you have to be careful how much money goes into your account.

With the booming cryptocurrency market, it was not protracted before fraudsters discatoped this new possibility and introduced their types of these digital currencies to take advantage. The Supreme Court ultimately banned all cryptocurrencys after a series of scandals which rocked society, but subsequently the court lifted the restrictions after two years.

Indian Gabovenment one time before again announced this week to apply 30% taxes for crypto traders on profits earned on tokens. In addition, the Gabovenment still plans to launch a “digital rupee” promoted by the Indian central bank.

Related Reading | India to tax tokens at 30%, puts digital assets in excessiveest tax band

The decision to place token and NFT earnings in India’s strongest tax band was met with combined reviews from investors, who were frustcostd which they could not offset losses alsost other income.

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