While regulations pertaining to cryptocurrencies are at a stalemate in India, atleast there are some people in the government, who are taking steps to understand it.
A circular that went out on June 11, stated that Sardar Vallabhbhai Patel Police Academy would be organizing a two-day course on ‘Investigation of cases involving cryptocurrencies’ is scheduled to be held at the premises in Hyderabad on September 5 and 6, for the IPS officers of the rank of Additional Superintendent of Police to Inspector General of Police.
The circular further stated that, the objectives of the course will be, “Introduction to functioning of cryptocurrencies and blockchain technologies, legal aspects of cryptocurrencies, crimes committed with cryptocurrencies and investigations of cases involving cryptocurrencies.”
The third point is especially relevant, given the rising number of crimes in this sector. The most prominent crime that readers may recollect was committed by Amit Bhardwaj who was arrested by Bangkok authorities after a high-profile chase in April last year.
At the time we had reported that Bharadwaj was the founder of GainBitcoin which duped people out of money to the tune of Rs 2000 crore. He had been on the run for the past few months. Faking a heart attack in the Dubai airport last week, he managed to give the security agencies a slip and escaped to Bangkok, Thailand. The Indian government had to collaborate with the government of Thailand to bring him back into the country.
Earlier, Crypto-News had reported on this man’s fraudulent website. He had a team of dedicated scamsters who would take advantage of people who did not know anything about cryptocurrencies and persuade them into signing up for GainBitcoin website.
The website was an elaborate Ponzi scheme that guaranteed 10% monthly returns for 18 months. So, you’d end up having a profit of 80% after 18 months. But if you’d directly invested in Bitcoins back in January, you’d have a profit of over 700%.