CTD officer, six others held for trader's kidnapping, Rs90 million crypto theft

A Counter-Terrorism Department (CTD) official and six other suspects were arrested for allegedly kidnapping a cryptocurrency dealer in Karachi and stealing $340,000 from his account.

The Anti-Violent Crime Cell (AVCC) reported that on December 25, kidnappers, using a police mobile, abducted cryptocurrency trader Arsalan Iqbal from Manghopir.

According to the AVCC, the kidnappers took Iqbal to Saddar, where they forced him to transfer $340,000 from his Binance cryptocurrency account to various accounts. After committing the crime, they abandoned the trader near the Quaid-e-Azam mausoleum and fled.

A case was registered against the suspects under multiple sections, including kidnapping for ransom. An investigation is underway, according to authorities.

Inspector General of Police (Sindh), Ghulam Nabi Memon, confirmed the arrest of one policeman involved in the crime and stated that efforts are ongoing to apprehend another suspected policeman.

“This is not a CTD operation but the individual act of some officers,” Memon clarified, adding that any police officer found involved in illegal activities will face strict action. “No one will be spared. FIRs have been lodged against the suspects, and they will also face departmental inquiries and dismissal from service.”

According to a report published in The News, Arsalan Iqbal, a resident of North Karachi, operates a cryptocurrency trading business from his office in Manghopir. He filed an FIR after being robbed of his assets.

The incident began a few days before the kidnapping when Iqbal received a call from a man named Hammad, who expressed interest in buying dollars. Iqbal informed Hammad that he did not deal in dollars, but Hammad later approached Iqbal’s friend, Zohaib, to secure the deal.

On December 24, three individuals, Ashar, Muzammil, and Zaman, visited Iqbal's office around 10 pm.

Iqbal explained that he would need to arrange the dollars through a friend. After receiving the dollars, the suspects recorded a video of the transaction and sent it to someone, asking them to buy $30,000.

When Iqbal requested payment, the suspects delayed with excuses. As time passed and Iqbal grew impatient, a police mobie arrived near the hotel where they were meeting. The trader and another individual, Arshad, were abducted.

The suspects took Iqbal to the FIA office in Saddar, where they forced him to unlock his Binance account and transfer $340,000 to multiple accounts. They also looted cash, reset Iqbal’s mobile phone, and later dropped him near Mazar-e-Quaid. Iqbal managed to return home in a rickshaw.

Determined to seek justice, Iqbal decided to take legal action against his abductors and recover his stolen assets.