Indian authority investigating Bitcoin theft: Seeks help from Pune police
The Enforcement Directorate (ED), a law enforcement agency and economic intelligence agency responsible for enforcing economic laws in India, is investigating a Bitcoin theft case wherein investigators who came in the aid of police took the advantage of details provided to them and stole a whopping 1,137 Bitcoins which is currently worth $46 million.
ED taking the help of the Pune police
The ED is taking help from the Pune police for the investigation as per a report from Hindustan Times. The entire case revolves around cybercrime expert Pankaj Ghode and former Indian Police Service officer Ravindra Patil who voluntarily retired and became a private investigator. DCP (Economic Offences Wing and cyber cell) Bhagyashree Navtake revealed that the ED officials visited the Pune CP office and took some information "informally."As per the First Information Report (FIR) filed against Ravindra Patil and Pankaj Ghode, the police took help from them and shared valuable information tied to a ₹2,000 crore ($260 million) cryptocurrency scam whose mastermind was Amit Bharadwaj who was charged with implementing a Bitcoin MLM fraud called GainBitcoin which involved 87,000 Bitcoins and at least 8,000 investors.
The GainBitcoin scam allowed investors to get a 10% monthly return on Bitcoin investments which seemed too good to be true. In the investigation of the GainBitcoin case, the Pune police sought help from Patil and Ghode who transferred the funds into their wallets and manipulated the screenshots to fool the authorities.
Lack of regulation
Following a lack of regulation surrounding the crypto space in India, the authorities have registered the Amit Bhardwaj case under the Prevention of Money Laundering Act (PMLA). This allowed him to come out on bail.On the other hand, the two investigators who were responsible for the Bitcoin theft have been charged with "Sections 409 (criminal breach of trust by a public servant or by banker, merchant or agent), 420 (cheating), 465 (forgery), 468 (forgery for purpose of cheating), 471 (whoever fraudulently or dishonestly uses as genuine any 1[document or electronic record), and 34 (common intention) of the Indian Penal Code along with Sections 66(c) of Information Technology Act and Sections 3 and 4 of Maharashtra Protection of Interest of Depositors," as per Hindustan Times.
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