A ransom victim recounts the horrific ordeal he endured when kidnappers forced him to transfer his life savings.

On December 25, 2024, in Karachi, Pakistan, seven suspects – including an officer from the Counter-Terrorism Department – ​​were detained on suspicion of participating in the attack. to kidnap Cryptocurrency trader demanding $340,000 ransom.

While Inspector General of Police Ghulam Nabi Memon confirmed that one CTD officer had been arrested, he stated that attempts were still underway to arrest another police officer involved in the crime.

The victim, Muhammad Arsalan, 30, was kidnapped from the famous Manghopir neighborhood in the northwestern part of Karachi. According to Arslan, the kidnappers forced him to transfer $340,000 from his account Binance An account of several wallets they seized before being released hours later near the Quaid-e-Azam's shrine.

Arslan later shared additional details on Facebook, but his claims were largely unverified by independent sources, including the exact amount transferred and the exact sequence of events. He claimed that $277,000 of the stolen amount was transferred to a specific wallet through decentralized exchanges before being transferred off-chain to... Binance.

While Arslan assured the public that law enforcement authorities are actively working to trace transactions and identify individuals behind the wallets, experts have pointed out the challenges of tracking funds through decentralized finance systems, where anonymity is often a key feature.

Arslan also posted a screenshot of it Binance Withdrawal date on Facebookwhich shows multiple forced transfers in various cryptocurrencies, including large amounts in USDT and other tokens, totaling more than $340,000. Although screenshots can provide useful clues, investigators must verify the validity of this data to fully confirm his story.

The suspects, identified as Muhammad Rizwan Shah, Tariq Hassan Shah alias Amir, Muzammil Raza, Omar Gilani, Omar Irshad, Noman Rifaat and Haris alias Ashar, were arrested by the Violent Crimes Cell. According to a statement issued by AVCC officials, the team, led by SSP Anil Haider Minhas, conducted multiple operations across Karachi to arrest the suspects.

However, details about the exact timeline of their arrest and evidence linking each suspect to the crime remain unclear. The AVCC described the individuals arrested as habitual criminals who had been imprisoned for similar crimes in the past, but public records or court documents supporting that characterization were not immediately available.

Arslan's account of the period leading up to his kidnapping raises some unanswered questions. Weeks before the incident, he claimed that a man named Hamid approached him to buy US dollars. Despite Arslan's refusal, Hamid insisted and eventually arranged a meeting with Arslan's friend Zohaib.

On December 24, 2024, three men, including Muzamil and Hammad, visited Arslan's office and invited him to a restaurant where other suspects joined them. It remains unclear why Arslan agreed to interview the individuals he reportedly suspected or whether any measures were taken to verify their identities. Such details could be crucial in understanding whether this was deliberate targeting of Arslan or an opportunistic crime.

Later that night, Arslan said he was kidnapped by a group of armed men in an unmarked police car. They gagged him with a cloth and detained him near the FIA's chest office. There, they allegedly forced him to open his Binance account and transfer his funds to multiple wallets. After resetting his phone, they released him near a local attraction, known as Quaid-e-Azam Shrine at 4 am. The choice of his release location and the precise steps taken to reset his phone indicate a level of planning and technological knowledge. -How about the kidnappers?

In an interview with dawnIGP Memon described it as a unique case of misconduct by individual officers and stressed that the police force does not tolerate illegal activities. However, his statements were met with skepticism, given the significant role the rogue officers allegedly played in the crime. Critics say a more transparent internal investigation is needed to restore public confidence in law enforcement.

Arslan on Facebook mailHe expressed his sadness at the loss of his hard-earned money. He condemned those who accused him of fabricating the incident, noting that the General Investigation Department was personally supervising the investigation. He also clarified that there were no investors or relatives involved in the case, and pledged to pay back any losses incurred by others. Arslan promised not to harm any of those responsible for organizing the crime.

Although affected individuals may find some solace in Arslan's promises, his assurance that he will compensate for the losses may raise questions about his financial situation after the theft and whether further investigation into his business activities is necessary.

In addition, providing such assurances could inadvertently divert attention from holding perpetrators accountable. Serious questions have been raised regarding the security of cryptocurrency traders in Pakistan as well as abuse of power by legal authorities.

The increasing use of cryptocurrencies in the region exposes traders to these types of crimes due to a lack of government oversight and education on digital asset security. According to observers, this case may serve as a wake-up call for stronger legislative measures and a comprehensive examination to protect Pakistan's legal framework for digital assets.