India: Former Legislator Remanded in Custody in Connection With Bitcoin Extortion Case

Nalin Kotadiya, a Bharatiya Janata Party official and former Member of the Legislative Assembly, has been remanded in custody for ten days in connection with a $1.3 million Bitcoin extortion case, the Times of India reported September 10.A special anti-corruption court has reportedly remitted Kotadiya in police custody for a ten day custodial interrogation after he was arrested by the city crime branch and the Criminal Investigation Department.

Kotadiya was allegedly involved in a $1.3 million BTC extortion case.

In April, the CID began investiging the reported kidnapping and extortion of 200 BTC from an Indian businessman and builder Sailesh Bhatt.

Bhatt also claimed that Kotadiya pressured him to pay the ransom.

In June, an Indian court declared Kotadiya a proclaimed offender in connection with the case, however Kotadiya "Remained untraceable," even after a warrant was issued for his arrest.

The crime supposedly involves leaders of the majority BJP, which used BTC as a "Cover-up" for money laundering and extortion.

While, Kotadiya "Remained untraceable," Gohil said that "If he is arrested, he will reveal damning evidences which will expose top BJP leaders in the state."

Today, the CID reportedly claimed that custodial interrogation is a necessary part of the investigation, which could help identify the individuals behind the BTC extortion scheme.

Kotadiya reportedly ordered the transfer of Rs 25 lakh to a witness.

Speaking before the court, Kotadiya reportedly said he went into hiding because he feared for his life because he was privy to compromising information about politicians and industrial enterprise owners.