Spanish entrepreneur Rodrigo Pérez Aristi Sá was violently kidnapped in São Paulo on March 24 by two armed men who pretended to be Civil Police agents.
Using Pérez’s bank accounts, the abductors conducted cryptocurrency and conventional banking transactions during his incarceration. Over R$250 million, or about $50 million, was lost during that time, according to Pérez.
Local media reports highlight that the accused alleged that Pérez was the subject of Interpol warrants and pushed him into a police-plated truck.
Spanish Businessman Looses Crypto Money
Pérez endured physical assault, confinement in a cramped location, and excessive sleeping drug dosages from his kidnappers during the five-day experience.
The episode demonstrates the rising danger of complex crimes employing phony law enforcement that prey on the wealthy for monetary and bodily gain.
To confirm the entire amount of the stolen money and apprehend the criminals, the police are now working to find the details of the transactions. Authorities are looking into whether the thieves used both digital assets and traditional currency.
Also Read: Six Men Charged In Chicago Kidnapping And $15M Crypto Ransom Scheme
Pérez’s Case Comes With a Rather Interesting Twist
Rodrigo Pérez was initially handled by authorities as a kidnapping and extortion victim. But questions have been raised concerning his possible involvement in financial crimes.
Suspicions of financial misconduct, specifically targeting South American fintech companies and their clients, have led to his name being added to the worldwide criminal list.
Whether the kidnappers used Pérez as leverage or as payment for their illegal activities is still being investigated. In order to adhere to the investigation and raise concerns over Pérez’s involvement in the incident, national law enforcement organizations are investigating the possibility that his kidnapping may be connected to wider criminal gang activity.
Crypto’s Involvement in Ransom and Extortion Cases Causes Many To Worry
Due to the anonymity and accessibility of cross-border transfers of digital currencies, criminals are increasingly employing them for extortion, making crypto ransom a serious and expanding issue.
The popularity of crypto ransom is fueled by the fact that cryptocurrencies make it harder for law authorities to track transactions and simpler for hackers to stay anonymous.
In addition to attacks on corporations, criminals have turned their attention to individuals and government organizations, taking advantage of network flaws to demand payments in digital currency.
Governments and law enforcement are working harder to stop crypto ransom and improve cybersecurity safeguards as a result of the increase in these kinds of crimes.