Police said this could be the first case of kidnapping for crypto-currency ransom from the area.
Abductors are suspected to be known to the family of the industrialist and bitcoin a business going wrong could be the catalyst for the event. Police officials privy to investigations said the abductors set a demand for 100 bitcoin before reducing it to 60.
BM police district superintendent Laxmi Prasad said TOI the family has been doing cement and hardware business, and the boy’s father is part of a marketing network and was trading in bitcoins until recently.
Kidnappers in connection with a relationship on WhatsApp
Police said the boy was playing outside his house at about 6.30pm when four people picked him up and sped away in a car even as his grandfather saw the incident from afar. His mother received a call from unknown people, allegedly from the Hassan area, demanding 100 bitcoins a ransom.
The abductors are said to be in contact with the boy’s family through WhatsApp. Police sources claimed they demanded a ransom digitally and added that one person, who is constantly moving, is said to be behind the incident. The SP said four teams had been excluded. “The abductors appear to be constantly traveling on highways,” he said.