CBI official booked for extorting Rs 5 crore from Indian Bitcoin Businessman

The Central Bureau of Investigation has booked its official for extracting Rs 5 crore from a business person in Gujarat. As per the reports, the accused, Sunil Nair, who was an inspector in Gandhinagar, threatened the merchant with action from the Enforcement Directorate and the Income Tax Department.

 

Nair kept on making demands

The officials have revealed that:

  • Sunil entered into a criminal intrigue in February with Kirit Madhubhai Paladia to extort money from Shailesh Bhatt.
  • He called Bhatt at the CBI’s office in Gandhinagar on 5 February 2018 and allegedly threatened him with ED and I-T action for obtaining black money using bitcoin

Now posted in Shillong, Nair demanded a whopping amount of Rs 10 crore to remain silent on the money laundering issue, which was brought down by 50% through negotiations. The FIR came into action after the agency made a preliminary inquiry and alleged that Nair continued shaping demands for the payment by making calls via landline phone of the CBI office. 

 

Was it a case of cryptocurrency use?

As investigated, the entrepreneur, Bhatt, was neither probed in any case connected to bitcoin, nor was an accused or suspect. But, due to the pressure and blackmailing by the official, he made the payment in two transactions; one of Rs 4 crore and other of Rs 60 lakh.