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Officer in India linked to Bitcoin Fraud RevealedIndian Police Officer Apprehended Over Misappropriating Cryptocurrency During Crypto Probe
I personally just read on Coinatory that regarding a police officer from India being arrested for illegally taking ₹1.8 crores (approximately $216,000) worth of Bitcoin associated with a cryptocurrency scam investigation.


This officer, Chandrahar SR, served as an inspector in the Central Crime Branch (CCB). He reportedly accessed a Bitcoin wallet belonging to a hacker named Srikrishna Ramesh in the course of an ongoing probe.

This crypto scam goes back to 2017 and involved hacking into cryptocurrency exchanges like Unocoin, as well as Bitfinex, resulting in illegal gains of approximately INR 5.5 crores ($660,000). Ramesh, with his partner Robin Khandelwal, attempted laundering of the stolen Bitcoins. In 2020, they were eventually caught. Initially, the CCB claimed the Bitcoins were unrecoverable, accusing Ramesh of manipulating the “Bitcoin core application” to mislead the probe.

As it turns out, Chandrahar is accused of coercing Khandelwal to transfer the funds while in custody and subsequently destroyed all transaction evidence. The Special Investigation Team (SIT) unearthed that Chandrahar, with two other CCB officers and a private cyber expert, Santosh Kumar, accessed the Bitcoin wallet at Kumar's office in Bengaluru between December 30, 2020, and January 6, 2021.

The charges against Chandrahar and his accomplices are severe, comprising illegal confinement, breach of public trust, and destruction of evidence. Chandrahar had been avoiding arrest until he was finally arrested at his home in North Bengaluru. Additionally, two more police officers have been detained in relation to the Bitcoin scam.

India has witnessed a notable increase in cryptocurrency scams and frauds recently, prompting regulatory authorities to tighten their oversight of the nation’s cryptocurrency sector. The increasing popularity of cryptocurrencies has unfortunately attracted a fair share of illicit activities, therefore, it's crucial for law enforcement and regulators to stay proactive.

In summary, this case underscores the vulnerabilities in the cryptocurrency landscape and the necessity of stringent regulatory measures. It emphasizes the need for integrity and accountability among law enforcement officers dealing with such sensitive investigations. According to Coinatory, the case of Chandrahar SR serves as a stark reminder of the complexities and risks associated with cryptocurrency scams and the vital role regulatory oversight plays in safeguarding the financial system.

Read More: https://coinatory.com/cryptocurrency-news/indian-officer-arrested-for-bitcoin-scam-19443/