Misappropriation Case Involving Bitcoin In India
Police in India has arrested a narcotics detective in what the country’s press been calling as the very first misappropriation case in which involves the Bitcoin. Satyendra Kumar Singh was the officer who has seized the wallets containing a total amount of 470 BTC as a part of a drug bust together with the Narcotics Control Bureau or the NBC, is at this moment in the custody facing the charges of illegally accessing the funds.
Having signed off an authorization to unblock the wallets with the use of the NCB headed paper, Satyendra Kumar Singh has become a subject to an internal investigation after it became known that no authorization was given from the other sources.
Subsequently, it has revealed that Satyendra Kumar Singh had struck a collaborative agreement to perform the alleged crime with one of the accused. These particular events are reminiscent of the complications arising from the corruption investigators as part of the Silk Road investigation, in which the law enforcement officials were similarly accused of the misappropriating case that fully involves the Bitcoins.In the recent months, the government of India had made a consecutive issue of notice to the public regarding the cryptocurrency that states the above-board protections for the users were not in place, while the startups in the space had complained of a rise in bad actors misleading the novice investors.