6000 Bitcoins [BTC] Lost Forever? Indian Police Unfolds Story on Crypto Scammers

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6000 Bitcoins [BTC] Lost Forever? Indian Police Unfolds Story on Crypto Scammers

In a shocking revelation yesterday, the Indian police unfolded the horrid story that befell on a group of crypto scammers. Mastermind’s behind a $62 million Bitcoin scam was dumped by five men in a hospital in Dehradun, India, who was found dead.

Abdul Shakoor, 35, a resident of Kerala had duped investors in Manjeri, Pandikkad and Malappuram city in Kerala off of an amount totaling more than $62 million. After deceiving the people, Shakoor fled the scene with one of his partners and was on the run.

The five men from the hospital have been arrested and identified as his associates. According to the police, his associates had beaten Shakoor to death. The five men who have been identified as Faris Mamnoon, Arvind C, Asif Ali, Sufail Mukhtar, and Aftab have been charged with the murder.

After interrogating the accused, police found that the Shakoor had made the team to sell Bitcoins in the three Indian cities mentioned. Many close associates of the investors also became a part of the scam. In total, they scammed the investors of 425 crores.

After the duping the customers, Shakoor fled the scene with one of his associates, Aashiq. They arrived in Dehradun on 12th August looking for a house. On 20th, they moved to the outskirts, where later they were joined by other associates.

Apparently, Shakoor told his associate that he had lost the password to all the Bitcoins. He said that he would pay them back by releasing his cryptocurrency. However, they did not believe him and started torturing him to attain the password. The SSP of police, Arun Mohan Joshi told the media,

“Crypto-currency worth hundreds of crores led to the murder of Abdul Shakoor. The accused, who are all members of Shakoor’s business team, tortured him brutally at a house in Prem Nagar (on the outskirts of Dehradun) that led to his death.”

On the day of his death, August 26, Shakoor became unconscious from their physical abuse. When they took him to the hospital, he declared dead by the doctors. Then they brought him to another hospital and fled the scene. SSP Joshi noted,

All of them escaped from the hospital leaving their vehicle in front of the emergency ward

Five other members of the team are on the run, they have been identified as Aashiq, Arshad, Yasin, Rehaab, and Muneef.

6000 Bitcoins Lost?

Numerous reports have cited that millions of Bitcoins (up to 3.75 million) are lost due to multiple accidents over the years. They involved fire, deaths, or just due to a careless mistake of the owners.

If the story is true, then it seems that the attackers were not able to extract the password from Shakoor. Hence, if he was the sole owner of the password, we can assume that more than 6000 BTC have been lost forever as well.

Do you think that the optimism around Bitcoin is also creating unwarranted greed for it? Please share your views with us. 

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6000 Bitcoins [BTC] Lost Forever? Indian Police Unfolds Story on Crypto Scammers
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6000 Bitcoins [BTC] Lost Forever? Indian Police Unfolds Story on Crypto Scammers
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In a shocking revelation yesterday, the Indian police unfolded the horrid story that befell on a group of crypto scammers. The mastermind's behind a $62 million Bitcoin scam was dumped by five men in a hospital in Dehradun, India after which they fled the scene. 
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Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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Nivesh Rustgi 604 Articles

Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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