Kushal Chopra, a promoter for the fraudulent cryptocurrency scheme OneCoin, was held hostage in New Delhi by his alleged victims in January after they demanded Rs. 3,600,000, or approximately $52,859 USD, for his release. The incident marked a violent turn for victims of the widespread pyramid scheme, which has defrauded investors globally by presenting itself as a legitimate digital currency.

Chopra and fellow promoter Manoj Aggarwal followed the standard OneCoin script in their operations. They promised investors returns of 200% on their deposits and presented corporate-style marketing materials. They omitted a crucial detail: OneCoin "points" had been largely unconvertible into actual money for over six months, a common complaint among those drawn into the scheme. The promise of a digital currency that would appreciate rapidly proved false for most investors.

Last September, the duo convinced three New Delhi residents to invest. The pitch included claims of high returns, minimal effort, and a "ground floor" opportunity in a new digital currency. The recruits handed over their money but received neither profits nor their principal back.

On January 11, Kushal Chopra disappeared. His sister received a ransom demand for Rs. 3,600,000 the following day. She promptly contacted the police. Omvir Singh, deputy commissioner of police (east), confirmed that investigators used call details and location tracking to pinpoint the victim and his abductors.

Police traced the kidnappers to Laxmi Nagar in east Delhi on January 13. They arrested one man, identified as Aman, and freed Chopra. Chopra told police that Pankaj and Akash had lured him to Connaught Place before taking him to a hotel in Gurgaon. Authorities used information from Aman to locate and apprehend Pankaj and Akash.

The kidnappers presented their version of events to the police. They stated that Chopra had pressured them into investing in OneCoin, falsely claiming it was registered with the Reserve Bank of India. Chopra had introduced them to Aggarwal, whom he called the "Director of OneCoin." They were promised their initial deposits would double within three months. No such returns materialized, and they never recovered their original investments.

Aggarwal informed police that he had traveled to Hong Kong in August to meet OneCoin executives. He claimed these executives appointed him as the Director of OneCoin in India. The specific individuals Aggarwal met or the legitimacy of his claimed title remain unclear.

During the investigation, a senior Indian police officer made an unusual statement. The officer claimed OneCoin was "causing huge losses to the Bulgarian government by using cryptocurrency that operates independently of a central bank." The basis for this specific assessment of harm to the Bulgarian treasury was not elaborated. Many observers noted that the hundreds of thousands of victims worldwide, who collectively lost billions of dollars, appeared to be a more pressing concern than the finances of the Bulgarian government.

Chopra and Aggarwal now face charges of cheating under Indian law, including provisions addressing fraud and criminal breach of trust. Meanwhile, Pankaj, Akash, and Aman, the individuals who held Chopra hostage, face kidnapping charges, which carry significant penalties under Indian law. The broader OneCoin scheme has faced numerous regulatory actions and criminal prosecutions globally, with founder Ruja Ignatova remaining at large.