A high-profile cryptocurrency heist in Karachi, involving over Rs90 million, has led to the arrest of eight suspects, including police officers. The incident, which also included the kidnapping of cryptocurrency trader Muhammad Arsalan Malik, occurred on the night of December 25, 2024, in the city’s Manghopir area. Malik was abducted by men in plain clothes riding a police mobile, and $340,000 worth of cryptocurrency (USDT) was allegedly transferred from his accounts.
Authorities have so far recovered Rs12 million in cash, a Mercedes worth Rs7 million, and prize bonds valued at Rs900,000. However, the investigation is ongoing as police attempt to recover the remaining assets and track down other suspects. The arrested individuals are currently on a five-day remand.
Also Read: Crypto Trader Abducted and Looted of Rs 90 Million in Karachi
Ali Raza, the prime suspect, was briefly detained but was later released, reportedly under a suspected “barter system” involving the police. His share of over Rs800,000 remains unrecovered. Reports suggest that several suspects were detained, but some were released after allegedly paying bribes.
SSP Anil Haider of the Anti-Violent Crime Cell (AVCC) confirmed progress in the investigation but denied any official complaints of police misconduct. Meanwhile, three police officers, including Sub-Inspector Raja Muhammad Basheer and Constables Muhammad Umar and Sahibzada Ali Raza, were suspended by DIG Asif Ijaz Shaikh for their involvement in the kidnapping.
The authorities are now focused on recovering the stolen cryptocurrency and holding all suspects accountable.
