Cryptocurrency heist: ‘main suspect released during initial inquiry’

Eight suspects have been arrested in connection with a cryptocurrency heist involving over 90 million rupees.

SSP Anti-Violent Crime Cell (AVCC) Anil Haider confirmed the recovery of 12 million rupees in cash, a Mercedes car worth approximately 7 million rupees, and prize bonds valued at 900,000 rupees.

The suspects are currently on a five-day remand, while efforts are ongoing to arrest others and recover additional stolen assets. The incident, which took place on the night of December 25 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 800,000 rupees 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 Anil 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 Anil Haider. The case highlights serious concerns about alleged corruption within the police force and its potential impact on the credibility of the investigation.