Crypto Dealings Gone Wrong: Bitcoin Trader Takes Own Life Over Harassing Threats Allegedly
The crypto community in India has actively been sensitizing the nation about the crypto industry, eliminating any shred of falsity from the minds of people regarding cryptocurrency. The future of cryptocurrency in India is currently on shaky grounds and its fate lies in the hands of the country's Supreme Court. However, a rather unfortunate incident has surfaced in the state of Gujarat as the country awaits the ruling of the apex court concerning the legality of crypto in India.
Threats Result To Suicide
In a classic “deal gone wrong” scenario, a local Bitcoin trader, Bharat Patel became the target of the Deputy Superintendent of Police (DSP) and his brother after losing the Bitcoin investment that was entrusted into his care. According to Times of India, six months ago, the DSP invested 11.275 BTC, which has the current value of $89,800, with Bharat.
However, a market dip manhandled the investment and left it for less than it was originally worth. The market dip, which is usually unpredictable, made the DSP and his brother lose money and in their books, that was unacceptable. Anyway, as always, someone has to take the blame and unfortunately, in this case, it was Bharat since he was in charge of the investment. Therefore, the brothers allegedly went after him with threats to force compensation out of him for their loss.
Illegal Deals Now Out In The Open
The shocking thing about the above-mentioned events is not only the suicide that came out of it, but also that a high ranking police officer who is supposed to be a law enforcer could go behind the law to encourage crime. The law in India is yet to approve crypto trading, which makes it an illegal operation, so learning about the involvement of a police officer in the forbidden trade was very awkward.
In addition to the suicide case, the state's investigative agency, CID, is looking into a multi-million Bitcoin scam and extortion case.
Speaking about the scam case, a senior police officer said:
“We will probe the suicide case obviously, but a thorough investigation in the bitcoin trading case is also necessary now.”
Rumour has it that the government of India is looking to implement a blanket ban on cryptocurrencies in the country and the Indian crypto-community is pushing back and demanding regulatory clarity. Though crypto has been banned by the Finance Ministry and the RBI and has been declared illegal tender, scams and other malicious attacks that can easily be solved with clear regulations continue to rise. The next hearing for the approval of crypto is scheduled for July 2019, but until then, crypto remains illegal in India.