Indian Police Officer Arrested For Siphoning Over $200K In Bitcoin Related To Crypto Scam Investigation

cryptonews.com:

An Indian police officer was arrested on May 31 for allegedly stealing Bitcoin worth INR 1.8 crore (approximately $216,000) during a crypto scam investigation.

According to local media news Hindustan Times, the Special Investigation Team (SIT) of the Central Crime Branch (CCB) apprehended the police inspector named Chandradhar. This marks the fourth arrest in the ongoing 2020 Bitcoin scam case.

According to the Indian police scam report, police inspector Chandradhar allegedly accessed Bitcoin wallets illegally and stole INR 1.8 crore worth of Bitcoin. He also destroyed evidence related to these transactions.

The officer faces charges under several sections of the Indian Penal Code (IPC), including criminal breach of trust, mischief, common intention, omission, cooperation in crime, and destruction of evidence.

The investigation has led to the arrests of two other police officers, Prashanth Babu and Lakshmikanthaiah, who were previously arrested for similar crimes. They and Chandradhar used their positions to manipulate and access critical information unlawfully.

India has witnessed an increase in Bitcoin scams and frauds, prompting regulators to tighten their oversight of the nation’s crypto sector.

On May 1, Crypto News reported that the Central Bureau of Investigation (CBI) in India conducted a nationwide search operation to crack down on an app-based fraudulent investment scheme. The searches spanned 30 locations across 10 Indian states and Union Territories, targeting two private companies and their directors accused of involvement in the HPZ Token App scheme.

Incriminating documents and digital evidence, such as mobile phones, hard drives, SIM cards, debit cards, and email accounts, were seized during the search.

Investig