JAIPUR: The investigation into cryptocurrency frauds has become a hard nut for the law enforcement agencies to crack in the city. The first case related to the stealing of bitcoins was registered in 2017 in Jodhpur. The victim is still struggling to trace his coins in want of proper technical investigation. The police department is yet not clear on the standard operating procedures in want of clear guidelines from the centre in its trading.
Narendra Gehlot, a businessman based in Jodhpur, filed the first case in Rajasthan of losing 14 Bitcoins which has an estimated value of Rs 6.05crore. “It took 8-9 months for the Mahamandir police station in Jodhpur to understand the case. Fortunately, the accused has been traced and arrested by a cyber expert but the improper police investigation has kept me away from the coins/money till date,” said Gehlot.
Similar has been the fate of other cases related to cryptocurrency in the state. The state may have gained expertise in taking information from social media giants — Facebook, Instagram and WhatsApp — but no major breakthrough has been made in cases related to cryptocurrency. Also, in the case of Vidit Sharma, who planned a robbery in his own house due to debt in trading in Bitcoin by using unfair means, told the police not being aware of using any illegal means.
Digant Anand, DCP (crime), Jaipur police commissionerate, said that this is the latest nature of crime, which requires the highest level of technical expertise. “Solving such cases requires special software, some of which comes at a cost of Rs one crore. Gradually, the department is heading towards the required expertise,” said Anand. He added that those trading in cryptocurrency must educate themselves in the given regulations and rules of the law.
Mukesh Choudhary, a cybercrime consultant assisting the Jaipur police commissionerate said that crimes related to cryptocurrency are going to rise since it attracts youths to make quick money. “I find it shocking to see those who suffer any fraud in cryptocurrency don’t have any basic understanding of security features of their cryptocurrency wallets,” said Choudhary, who solved the first cryptocurrency case in the state.