Current RBI Crypto Ban Still Sees Indian Police Seek To Sell Confiscated Coins

Indian Police Seek To Sell Confiscated Cryptos

With the Supreme Court of India refusing to grant an interim stay on the RBI circular, most cryptocurrency exchanges operating in India have launched crypto-to-crypto trading services.

After the SC had earlier ordered that all cryptocurrency-related cases be clubbed together and fixed July 20, 2018 as the date for the next hearing, the Internet and Mobile Association of India (IAMAI) had requested that the hearing be brought forward as the RBI’s circular dated April 6 was set to come into effect from July 5.

As a result of these sequence of events, Indian police are reportedly facing a challenge of how to liquidate cryptocurrencies they seized since the country’s central bank. The most notable incident is of 35-year-old alleged kingpin Amit Bhardwaj and his brother Vivek Bhardwaj from Delhi.

The Hindu, a prominent Indian newspaper noted that “At conservative estimates, the cryptocurrency scam is worth Rs 35,000 crore [~5.1 billion].” The special investigation team (SIT) of the Pune police’s cyber crime cell reported “filed an application in the sessions court, seeking permission to sell the cryptocurrencies seized during the investigation,” the publication conveyed.

The document submitted to the State Court said: “protect the interest of investors…it has become imperative that the cryptocurrencies seized by the investigating machinery be sold or liquidated.”

Regarding the Reserve Bank ban, the police’s document said:

“The Reserve Bank of India has prohibited all the banks from providing services which include maintaining accounts, registering, settling, clearing, opening accounts of exchanges dealing with them and transfer or receipt of money in accounts relating to purchase or sale of virtual currencies.”

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