Eight arrested in connection with multi-million rupee cryptocurrency heist
Stolen assets worth millions recovered during investigations, share of affected dealer remains unrecovered
January 14, 2025
- SSP confirms seizure of Rs12m in cash, Mercedes car, other assets.
- Suspects on five-day remand, efforts underway for more arrests.
- Prime suspect reportedly released under alleged barter system.
KARACHI: Eight suspects have been apprehended in connection with a major cryptocurrency heist worth over Rs90 million involving policemen in Karachi, The News reported on Tuesday.
The case, which has drawn significant attention due to its scale and complexity, also saw the recovery of stolen assets worth millions.
Anti-Violent Crime Cell (AVCC) SSP Anil Haider confirmed the seizure of Rs12 million in cash, a Mercedes car valued at approximately Rs7 million, and prize bonds worth Rs900,000 during the investigation.
The arrested suspects are currently on a five-day remand, while the authorities continue efforts to recover the remaining stolen assets and apprehend additional suspects linked to the crime.
The incident, which took place on the night of December 25, 2024, in Karachi’s Manghopir area, involved the kidnapping of a young cryptocurrency trader, Muhammad Arsalan Malik. Police officers allegedly transferred $340,000 worth of cryptocurrency (USDT) from his online accounts.
Eyewitnesses revealed that the prime suspect, Ali Raza, was identified and detained early in the investigation by AVCC officers. However, sources claim he was released in exchange for cooperation, under an alleged “barter system” arrangement with the police.
The suspect’s share of over Rs800,000 from the heist remains unrecovered. Sources allege that over 14 individuals have been detained during the investigation, with many reportedly released after paying bribes.
SSP Haider denied any concrete complaints of misconduct but assured that allegations would be thoroughly investigated after the primary focus on arrests and recoveries concludes.
"Our immediate priority is recovering the stolen assets and apprehending all culprits. Once this phase is completed, we will investigate any allegations of misconduct against police officers," stated Haider.
