Indian Narcotics Agent Accused of Stealing Seized Bitcoins
Reports are emerging that an agent for an Indian law enforcement agency has been arrested for stealing bitcoins tied to a drug bust.
According to the Times of India, an officer for the Indian Narcotics Control Bureau (NCB) is alleged to helped steal more than 400 bitcoins originally confiscated during a 2015 seizure. Specifically, investigator Satyendra Kumar Singh is said to have been accused of unfreezing those funds at the behest of one of those arrested.
The media source claimed that it was the first such case in India – though the cryptocurrency world is no stranger to rogue agents siphoning bitcoins obtained during criminal investigations.
The NCB reportedly alleged that Singh consulted with Deepak Manguikya, one of the accused drug dealers, after he was released on bail in 2016. In July 2016, Singh then helped Manguikya forge documents which would allow for the unfreezing of the accounts where the bitcoins were stored. After being unfrozen, the accounts were emptied and liquidated with Singh allegedly receiving 50% of the proceeds.
Officials noticed the missing coins while working on a report regarding the status of the seized funds. Subsequently, the NCB moved to suspend and arrest Singh, and an investigation into his role in the heist is said to be ongoing.
Image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.