{"id":21824,"date":"2024-06-01T03:00:47","date_gmt":"2024-06-01T03:00:47","guid":{"rendered":"https:\/\/investmentbankingrules.com\/?p=21824"},"modified":"2024-06-01T03:00:47","modified_gmt":"2024-06-01T03:00:47","slug":"indian-police-officer-arrested-for-siphoning-over-200k-in-bitcoin-related-to-crypto-scam-investigation","status":"publish","type":"post","link":"https:\/\/investmentbankingrules.com\/?p=21824","title":{"rendered":"Indian Police Officer Arrested For Siphoning Over $200K In Bitcoin Related To Crypto Scam Investigation"},"content":{"rendered":"<p>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.<br \/>\nIndian Police Scam Reveals Collaboration With Bitcoin Wallet Hacker<\/p>\n<p>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.<br \/>\nAccording 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.<br \/>\nThe 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.<br \/>\nThe 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.<br \/>\nIndia Bitcoin Scams Continue to Scale<\/p>\n<p>India has witnessed an increase in Bitcoin scams and frauds, prompting regulators to tighten their oversight of the nation\u2019s crypto sector.<br \/>\nOn 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.<br \/>\nIncriminating documents and digital evidence, such as mobile phones, hard drives, SIM cards, debit cards, and email accounts, were seized during the search.<br \/>\nInvestigators revealed that the fraudsters enticed victims to invest in the app by guaranteeing huge returns on Bitcoin mining investments. So far, the probe has identified around 150 bank accounts allegedly used by the accused to collect funds from investors. The investigation is ongoing.<br \/>\nThe incident is reminiscent of the 2018 \u2018Gain Bitcoin\u2019 Ponzi scheme, where businessman Amit Bhardwaj defrauded over 8,000 individuals, amounting to INR 2,000 crore.<br \/>\nED attaches assets worth Rs. 42.88 crore in GainBitcoin Ponzi Scheme masterminded by Amit Bhardwaj and associates.<br \/>\n\u2014 ED (@dir_ed) September 21, 2018<\/p>\n<p>Bhardwaj engineered a multi-level marketing scam, manipulating and enticing investors to exchange Bitcoins with the promise of high returns. He introduced an 18-month contract guaranteeing a 10 percent yield, which ultimately turned out to be fraudulent.<br \/>\nIn April 2024, the Indian authorities seized $11 million from a top British-Indian businessman who received 285 Bitcoin from Bhardwaj.<br \/>\nThe post Indian Police Officer Arrested For Siphoning Over $200K In Bitcoin Related To Crypto Scam Investigation appeared first on Cryptonews.<\/p>\n","protected":false},"excerpt":{"rendered":"<div><img decoding=\"async\" loading=\"lazy\" width=\"800\" height=\"508\" src=\"https:\/\/godzillanewz.com\/wp-content\/uploads\/2023\/11\/cover-22-800x508.jpg\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"\">An Indian police officer was arrested on May 31 for allegedly stealing Bitcoin worth INR&#8230;<\/div>\n","protected":false},"author":1,"featured_media":21825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[231],"tags":[],"_links":{"self":[{"href":"https:\/\/investmentbankingrules.com\/index.php?rest_route=\/wp\/v2\/posts\/21824"}],"collection":[{"href":"https:\/\/investmentbankingrules.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investmentbankingrules.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/investmentbankingrules.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/investmentbankingrules.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21824"}],"version-history":[{"count":0,"href":"https:\/\/investmentbankingrules.com\/index.php?rest_route=\/wp\/v2\/posts\/21824\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investmentbankingrules.com\/index.php?rest_route=\/wp\/v2\/media\/21825"}],"wp:attachment":[{"href":"https:\/\/investmentbankingrules.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investmentbankingrules.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investmentbankingrules.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}