Tuesday, July 16, 2019

Indian Police to Get Special Training to Spot Crypto Scams

This post was originally published here

The Ministry of Home Affairs in India plans to provide an all-expenses paid police training session to create “domain expertise” in cryptocurrency-related crime, according to a government filing.

The two day course, titled “Investigation of Cases Involving Crypto Currencies,” will cover a wide range of educational components, including an introduction to blockchain technology, a discussion of standing legal traditions, and interpretations of major crypto crimes.

The program is not mandatory, but officers will be nominated to attend the conference. Other participants will be drawn from a compiled list of officers who had expressed an interest in “cybercrime and IT.”

India has become a center for crypto controversy amid planned government bans. The Reserve Bank of India decreed a de facto prohibition on banking relationships for crypto companies. This regulatory effort is currently facing arbitration in the Supreme Court.

Other government entities like The Department of Economic Affairs, Central Board of Direct Taxes, and the Investor Education and Protection Fund Authority signed on to a draft bill titled “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019,” for perceived issues of tax evasion, money laundering, and fraud inherent to cryptocurrencies.

Indeed, crypto crime has been an issue in the country. In June, Indian police arrested former BitConnect fraudster in connection to a fraudulent enterprise called Liberty Coin that promised investors 5,000-percent returns and did not deliver. Some victims that stepped forward claimed losses of tens of thousands of dollars.

The educational course will be available for police officers who report to the Inspector General of Police. Directors for the Central Bureau of Investigation, the Intelligence Bureau, the Narcotics Bureau, as well as many other chief executive figures received a copy of the training initiative document.

The investigative session is scheduled for the first week of September at the National Police Academy in Hyderabad.

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