Toronto police have laid 82 charges against seven men, including three members of the Canadian Armed Forces, in connection with the July abduction of a cryptocurrency exchange owner.

The Toronto Police Service announced the arrests on Wednesday, nearly three months after the abduction. Investigators charged the suspects with kidnapping for ransom and numerous firearms offenses, among other counts. The charges have not been tested in court. The announcement was accompanied by a news release detailing the seizure of weapons, ammunition and drugs. Police did not identify the victim or the exchange.

Authorities allege the victim was targeted on July 25, 2026, as he approached his vehicle near Finch Avenue East and Bayview Avenue in Toronto. According to police, he was abducted at gunpoint, handcuffed and assaulted while the suspects attempted to gain access to his cryptocurrency assets and business-related security systems. He was later released after being threatened and warned not to contact police.

"The victim was allegedly targeted because of his access to cryptocurrency assets," Chief Superintendent Joe Matthews told reporters, CityNews reported.

Police arrested Saiefeddine Adem, 22, and Raheem Bishop-Jackson, 24, on July 26. Talarambage Fernando, 22, James Moreau, 29, and Christian Darbandi, 39, were taken into custody on August 11, followed by Jack Miley, 24, and Suhaib Alekozai, 39, on September 24.

Fernando, Moreau and Miley have been confirmed as members of the Canadian Armed Forces, police said. Fernando and Moreau are reservists with the 7th Toronto Regiment, a Canadian Army reserve unit based in Toronto, and were removed from military duties following their arrests, the Department of National Defence said earlier this month.

Seven men arrested. Firearms and thousands of rounds of ammunition seized. Chief @TPSMyronDemkiw speaks about the significant risks officers face during investigations involving dangerous weapons, and his additional concern that three of the accused are trained military… pic.twitter.com/4y384hzef2

— Toronto Police (@TorontoPolice) October 14, 2026

Searches of homes and vehicles uncovered a shotgun, two 9mm firearms with 3D-printed receivers, two silencers, GPS tracking devices, handcuffs and large quantities of methamphetamine and cocaine, along more than 2,700 rounds of ammunition. Investigators determined that about 2,500 of those rounds had been stolen from the Canadian Armed Forces.

"Criminals continue to adapt their methods and seek new opportunities for financial gain," Matthews said in the release, describing the investigation as a reflection of increasingly sophisticated and targeted crimes involving digital assets.

"Whether you are a member of the military or a member of a police service or a public official, no one is above the law," Police Chief Myron Demkiw told reporters.

Police said there are no outstanding suspects and no further arrests are expected, although the investigation remains ongoing. The case now moves toward the court process, where outcomes in earlier Canadian crypto-kidnapping cases have included multi-year prison sentences.

"We're still trying to determine how all of [the suspects] fit together in this puzzle," Matthews said.

Other Crypto-Linked Kidnappings in Canada

The case adds to a string of crypto-linked abductions in Canada, where holders of digital assets have been targeted in part because transactions on public blockchains are difficult to reverse once confirmed.

In 2024, WonderFi CEO Dean Skurka was released after a $720,000 ransom was paid, and in September 2025 a man who kidnapped a victim for a $1 million Bitcoin ransom was sentenced to 13 years in prison.

A month later, one of the men who abducted self-styled "Crypto King" Aiden Pleterski in December 2022 pleaded guilty to nine charges, including kidnapping, assault and firearms offenses.