KARACHI: An antiterrorism court was on Monday informed that investigators had recovered Rs12.9 million and a “luxury” car allegedly purchased with the ransom paid by a cryptocurrency trader to his kidnappers to earn freedom.

The investigating officer of the case informed the court that the suspects held in the case, including two Counter-Terrorism Department (CTD) officials, had transferred the ransom money to a bank and later used the amount to purchase a luxury sedan (Mercedes-Benz), which had been recovered.

On Monday, the IO brought the eight suspects — CTD constables Ali Sajad and Muhammad Umer, along with Haris Ashar, Mohammed Rizwan Shah, Noman Riffat, Tariq Hasan Shah, Muzamil Raza and Umer Jilani — before the administrative judge of the ATCs in Clifton for extension in their remand.

The IO informed the court that the police had recovered a Mercedes Benz purchased with the ransom money and an amount of cash from the suspects.

He also informed the court that complainant Arsalan Malik had identified the two suspects before the judicial magistrate (West) and assigned their roles in the commission of the offence.

The IO requested the court to extend their physical remand as he needed to interrogate them and apprehend the absconding suspects — Hamad, Zaman, Muzamil, Ali Raza, Rasheed Lodhi and others.

After hearing the IO, the court extended their police custody for five more days.

Meanwhile, according to a press statement, a team formed by the AVCC to apprehend the suspects and recover the ransom amount, approximately $340,000 in digital coins, paid by a cryptocurrency trader for his release, has recovered around Rs12m in cash, Rs900,000 in prize bonds and a Mercedes-Benz vehicle from the suspects.

According to the FIR, the crypto trader was abducted on Dec 25, 2024 at 1:40am in a police mobile without number plate by five men in plain clothes. They brought him near the FIA Saddar office, forcibly got opened his Binance account and transferred coins worth $340,000 into different digital wallets/accounts.

They reset his cell phone, handed it back to him and dropped him near the mausoleum of the Quaid-i-Azam at 4am. Later, eight suspects were booked and arrested for their alleged involvement in the kidnapping of the trader and releasing him after he transferred the ransom into their digital wallets.

Published in Dawn, January 14th, 2025