Indian Officer Accused of for BTC Embezzlement in Scam Investigation from Srikrishna Ramesh's Wallet ₹1.8 Crore: Cryptocurrency Scam
I just discovered on Coinatory about an Indian police officer who was caught misusing a large sum of 1.8 crore rupees (about $216,000) in Bitcoin tied to a notable crypto scam investigation. The story centers on SR Chandrahar, a former inspector with the Central Crime Branch (CCB), who allegedly entered the cryptocurrency wallet of cybercriminal Srikrishna Ramesh, a key figure in an ongoing investigation.
The scam in question dates back to 2017, involving cyber-attacks on major digital currency exchanges like Bitfinex and Unocoin. These hacks led to illicit gains amounting to about INR 5.5 crores (around $660,000). Srikrishna, along with his partner Robin Khandelwal, tried to launder the illicit funds through Bitcoin. However, their efforts were stopped when they were apprehended in 2020.
At first, the Crime Branch reported the Bitcoins as lost, accusing Ramesh of tampering with the “Bitcoin core application” to confuse investigators. This appeared to be a resolved case until the Special Investigation Team (SIT) revealed shocking facts. Allegedly, SR Chandrahar coerced his associate into moving the funds while in detention and then eliminated all evidence of these transactions.
Based on the FIR filed by the Special Investigation Team, Chandrahar, with the aid of two other CCB officers and a private cyber specialist named Santosh, accessed the Bitcoin wallet at his office in Bengaluru city between December 30, 2020, and January 6, 2021. This elaborate operation left no traces, but eventually, the facts were uncovered.
The former inspector now is up against multiple accusations including wrongful imprisonment, abuse of public office, and erasing evidence. His arrest from his house in north Bangalore represents a significant milestone in the probe. Furthermore, Bitcoin misappropriation have also been arrested in connection with this cryptocurrency scam, further underscoring the level of the wrongdoing involved.
The nation has experienced a increase in digital currency scams and deceptions in the last few years, which has led authorities to increase their supervision of the nation's crypto industry. The case of Chandrahar is a stark reminder of the weaknesses within the framework and the extremes to which some individuals will go for personal gain.
Coinatory highlighted, this incident highlights the intricate link between law enforcement and the cryptocurrency domain. It also brings up critical concerns about the security of digital assets and the ethics of those assigned to protect them. The continuing initiatives to reduce such deceptions are crucial in ensuring the integrity and security of the crypto sector in the country and beyond.
