Notes

India’s Police Found in Crypto Fraud
I read on Coinatory about a police officer from India who was detained for illegally taking 1.8 crores INR ($216,000) worth of Bitcoin connected to an investigation into a cryptocurrency scam.

This officer, Chandrahar SR, was a former inspector with the Central Crime Branch (CCB). It is reported that he accessed the Bitcoin wallet of hacker Srikrishna Ramesh amid an ongoing investigation.

The crypto scam dates back to the year 2017 and involved the hacking of into cryptocurrency exchanges like Bitfinex and Unocoin, which led to illegal gains of approximately INR 5.5 crores ($660,000). Ramesh and his associate Robin Khandelwal, tried to launder these stolen funds using Bitcoin. However, they were caught in 2020. At first, the Crime Branch reported the Bitcoins as being unrecoverable, blaming Ramesh for manipulating the “Bitcoin core application” to mislead the probe.


Apparently, Chandrahar allegedly coerced Khandelwal to move the funds while detained and then destroyed all evidence of the transactions. The Special Investigation Team (SIT) discovered Chandrahar, along with two other CCB officers and a private cyber expert named Santosh Kumar, accessed the Bitcoin wallet at Kumar's office in Bengaluru between December 30, 2020, and January 6, 2021.

The accusations against Chandrahar and his partners are serious, such as illegal detention, breach of trust by a public official, and evidence destruction. Chandrahar had been evading arrest but was eventually captured at his residence in North Bengaluru. Two more police officers have been detained in connection with this Bitcoin fraud.

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 rising popularity of cryptocurrencies has unfortunately drawn in a number of illicit activities, making it essential for law enforcement and regulatory bodies to stay vigilant.

In conclusion, this case highlights the vulnerabilities within the cryptocurrency landscape and the necessity of stringent regulatory measures. It also underscores the need for integrity and accountability among law enforcement officials handling such sensitive investigations. As Coinatory reported, the Chandrahar SR case serves as a reminder of the complexities and risks tied to cryptocurrency scams and the critical role of regulatory oversight in protecting the financial ecosystem.

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