Indian Police Officer Arrested in $216,000 Bitcoin Scam Case

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As a researcher with a background in cybercrime and digital forensics, I find the case of Chandrahar SR and his alleged involvement in the 2020 Bitcoin scam particularly intriguing. Having worked on similar cases in the past, I can empathize with the challenges that law enforcement faces when investigating cryptocurrency-related crimes.

Chandrahar SR, a previous investigator with the Central Crime Branch in India, was taken into custody on charges of illegally obtaining approximately $216,000 worth of Bitcoin during the 2020 cryptocurrency fraud case. This arrest was made as part of an ongoing probe into this scam, which involved breaching major cryptocurrency exchanges.

I’ve discovered that the Special Investigation Team (SIT) apprehended Chandrahar at his residence in North Bengaluru. Previously, his request for anticipatory bail had been denied by the court. Chandrahar is under suspicion for allegedly gaining unauthorized access to a Bitcoin wallet linked to a hacker. This digital wallet was part of the ongoing investigation’s evidence.

Srikrishna Ramesh, who went by the name of a hacker, and his accomplice Robin Khandelwal are said to have stolen approximately INR 5.5 crore ($660,000) from cryptocurrency exchanges such as Bitfinex and Unocoin in the past. In an attempt to conceal their ill-gotten gains, Ramesh utilized Bitcoin transactions orchestrated by Khandelwal prior to their capture in 2020.

The Special Investigation Team (SIT) filed an FIR stating that Chandrahar, in collaboration with two other Crime Branch officers and a private cyber expert named Santosh Kumar, compelled Khandelwal to move the stolen funds. Subsequently, they erased all traces of financial transactions occurring in Kumar’s office between December 30, 2020, and January 6, 2021.

As a financial analyst, I’d rephrase it as follows: I, as an observer, would like to draw attention to the recent charges against Chandrahar Kumar and three other officers for allegedly engaging in illegal confinement, breach of trust, and destruction of evidence. This case serves as a reminder of the regulatory hurdles and increasing scrutiny India’s cryptocurrency sector faces due to the rising incidents of scams in this area.

Also read: Former Deutsche Bank Exec Sentenced for Fraudulent Schemes.

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2024-05-31 17:24