A bizarre incident has taken place in India recently. An Indian businessman was robbed by nine policemen in February. They extorted Bitcoins and money from the businessman and now have been arrested. The police officers took away $49,12,000 cash and about 200 Bitcoins from the businessman.
The total value of the Bitcoins that the 9 police officers stole accounts to $138,025. The businessman said that he was forced by these thieves to transfer the money from his online wallet to another wallet.
India is witnessing Bitcoin-related crimes of late. There was also a complaint lodged by an Indian jeweler that about 11.57 lakhs rupees worth of Bitcoins were stolen from his Zebpay online wallet account. All these crimes related to Bitcoin have been mushrooming in India after the ripple effect that Bitcoin had in the last year. The price of Bitcoin touched greater highs at the far end of 2017.
The central bank of India, the Reserve Bank, had issued a warning to the general public about the risks involved in investing in Bitcoin and other cryptocurrencies during the sudden forge of Bitcoin value. It is not yet clear if Bitcoin is legal in India or not.
The Indian Finance Minister had declared that Bitcoin cannot be used as a medium for transactions early this year.