Army veteran’s son kidnapped for cryptocurrency ransom, 3 arrested in overnight operation

In a swift and coordinated operation, the Ahmedabad City Crime Branch on Tuesday rescued the son of a retired Subedar Major who had been kidnapped for ransom in cryptocurrency. The victim, Prince Pandey, was found after an intensive five-hour chase, and three men have been arrested for their role in the abduction.

According to police, Prince Pandey, a cryptocurrency trader residing near Agora Mall at S P Ring Road and the son of retired Army Subedar Major Pankaj Kumar Pandey, was lured into a trap under the guise of a business meeting. He had earlier discussed a USDT (Tether cryptocurrency) cash exchange with an acquaintance named Karan Nair, and was called to meet a customer near Bapunagar Toll Plaza around 2 am on July 15.

When Prince arrived at the designated spot, he was forced into a black car with tinted glass with no number plate. Inside the vehicle, he was brutally beaten and threatened with further violence unless he transferred 50,000 USDT—equivalent to approximately ₹42 lakh—to the kidnappers. Due to the absence of a strong password on his crypto wallet, the assailants repeatedly assaulted him to extract access credentials.

Throughout the night, Prince was moved to multiple locations as the kidnappers attempted to bypass his wallet’s security. Meanwhile, his father contacted the police control room immediately after failing to reach his son, prompting the Ahmedabad Crime Branch’s night surveillance team to launch an emergency search operation.

Accused arrested in overnight rescue

With the aid of technical surveillance, CCTV footage, and field intelligence, the Crime Branch traced the route and locations where Prince was taken. By afternoon, the team managed to locate and rescue him safely, though he had suffered significant injuries. He was rushed to a hospital for treatment.

Police identified and arrested the following three accused—

Karan Tarunbhai Nair (19) – Student, resident of Bapunagar

Harsh Ajaybhai Thakkar (21) – Car rental service operator, resident of Thakkarnagar

Kripalsinh Govindsingh Vihol (25) – Car rental operator, resident of Bapunagar

A weapon allegedly used in the kidnapping was also recovered from the accused. Preliminary investigation suggests that the motive behind the abduction was a pending financial dispute with Prince, linked to cryptocurrency dealings.

Crime Branch: ‘Operation conducted with precision and speed’

A senior Crime Branch official said, “This was a highly sensitive case involving a serving Army family. Time was of the essence. Our teams worked through the night with precision to ensure the safe recovery of the victim and the arrest of the accused.”

Further investigation is underway to determine whether others were involved in the planning or attempted laundering of the cryptocurrency. The police have also issued a reminder about the importance of strong digital security in cryptocurrency trading and warned traders against meeting unknown clients in isolated areas.