Eight arrested in Karachi crypto heist, Rs12.9 million recovered

Eight suspects arrested in Karachi cryptocurrency heist worth Rs90 million, including police officers.

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Eight suspects, including policemen, have been arrested in connection with a significant cryptocurrency heist in Karachi worth over Rs90 million, according to local media reports.

The robbery also involved the kidnapping of cryptocurrency trader Muhammad Arsalan Malik, who was abducted on the night of December 25, 2024, in Karachi's Manghopir area.

During the investigation, authorities recovered Rs12 million in cash, a Mercedes valued at Rs7 million, and prize bonds worth Rs900,000.

The arrested suspects are currently on a five-day remand as the investigation continues.

Police are focused on recovering the remaining stolen assets and identifying other suspects involved in the crime.

The incident saw police officers allegedly transferring $340,000 worth of cryptocurrency (USDT) from Malik's online accounts.

Ali Raza, the prime suspect, was arrested early in the investigation but was later released under a suspected “barter system” with the police, according to local newspaper.

His share of over Rs800,000 remains unrecovered. Reports suggest that over 14 individuals were detained, but many were released after paying bribes.

SSP Anil Haider of the Anti-Violent Crime Cell (AVCC) confirmed the progress of the investigation and denied any official complaints of misconduct by police officers.

Haider emphasised that once the investigation focuses on recovering the stolen assets and arresting all culprits, any allegations of police misconduct will be addressed.

Earlier, DIG Asif Ijaz Shaikh of the Counter-Terrorism Department (CTD) suspended three officials for their alleged involvement in the kidnapping of a citizen.

Sub-Inspector Raja Muhammad Basheer, along with constables Muhammad Umar and Sahibzada Ali Raza, were suspended and their case was transferred to the Anti-Violent Crime Cell (AVCC) for further investigation.

The incident occurred when cryptocurrency trader Arsalan was abducted by police officers in plain clothes, riding a police mobile without a number plate, from Karachi's Manghopir area.

The kidnappers transferred $340,000 from Arsalan's account to various other accounts using his mobile phone before releasing him near the Quaid-e-Azam mausoleum.

Following the investigation, AVCC arrested eight individuals, including the police officers involved. However, Constable Ali Raza, who was also posted in the CTD Civil Lines Intelligence Wing, remains at large.