Karachi Crypto Trader forced to transfer $600,000 after Kidnapping, Assault
Why this matters: local context for readers following news across Pakistan and the region.
KARACHI – A cryptocurrency trader in Karachi alleged kidnapping, assault, and being forced to transfer nearly $600,000 from his digital wallets. The incident occurred in Gulistan-e-Johar and is under investigation, with preliminary findings reportedly pointing to possible police involvement. The incident occurred near Kamran Chowrangi on Monday night, where unidentified individuals abducted the trader, identified J.S. Rao, from tea café. Sources familiar with probe said the victim was subjected to physical violence and forced to provide access to his digital wallets. The suspects allegedly transferred cryptocurrency valued at more than $500,000 from the victim’s accounts before fleeing with his mobile phones and other personal belongings. Investigators are also examining reports that the assailants used a Toyota Fortuner during the operation. Law enforcement sources said authorities are reviewing CCTV footage, digital transaction records and other evidence to trace the suspects. Preliminary findings have also raised questions about the possible involvement of police personnel, although officials have not publicly confirmed any such links. The trader claimed suffering multiple injuries during the incident, including a broken nose and a fractured hand. He further alleged that the perpetrators had monitored his movements and obtained information about his routine before carrying out the abduction. The victim, who recently claimed to have won a South Asia-focused cryptocurrency trading competition, said the incident reflects growing security concerns for digital asset traders in Pakistan. He called on authorities to recover the stolen funds, which he estimated at between $500,000 and $600,000, and to ensure those responsible are brought to justice. Police officials have not yet issued a formal statement regarding the case. However, investigative efforts are said to be ongoing, with authorities examining multiple aspects of the incident. The case comes amid increas