Indian Police
Indian Police Cannot Move Seized Crypto
October 5, 2019
Indian Police
Indian Police Cannot Move Seized Crypto
October 5, 2019

The police of Pune, a city in the Indian state of Maharashtra, has sought a court’s directive to transfer 85 million Rupees seized from a Bitcoin (BTC) Ponzi scheme last year.

On October 3, according to an article by the Times of India, Pune cyber police explained that the value of 244 cryptocurrency units (worth $1.2 million) was blocked in the bank account of company Discidium Internet, which was hired by the police to convert the seized crypto units into rupees.

Jairam Paygude, the Senior Inspector of Cyber Police said that the Central Bank of India was unable to transfer the money to the State Bank of India’s treasury branch in Pune as the account of the Discidium Internet was frozen by the Reserve Bank of India (RBI).

However, Discidium Internet is challenging the validity of RBI’s order, which prohibits dealings in virtual currencies and has requested that the RBI instruct the Central Bank of India to unfreeze the account.

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Likewise, Ujjwala Pawar, the district government pleader, said that the police request to transfer the money is pending before the sessions court. 

It has also been reported by Cointelegraph that the Indian draft “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019”, which proposes a 10-year prison sentence for anyone who “mines, generates, holds, sells, transfers, disposes of, issues or deals in cryptocurrencies,” is already prompting local crypto businesses to take preemptive measures.

Rahul Jain said:

“As a startup from India, we always wanted to serve from India, but this recent complication has made it difficult for domestic crypto exchanges to operate their businesses in India. So, we are now an Estonia-based company, and any Indian law to criminalize crypto will not impact us.”

Rahul Jain

Source: The Times of India and Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.