According to reports, Indian police are facing the challenge of how to liquidate the cryptocurrencies they have confiscated, because the Bank of India’s Reserve Bank of India (RBI) has banned banks from providing services to cryptocurrency exchanges. The Indian central bank’s ban has now come into effect, and more and more cryptocurrency exchanges have announced that they will no longer allow the conversion of cryptocurrencies into Indian rupees.
The court allowed the police to clear the cryptocurrency
On June 6, the Pune Mirror wrote on June 6th: “In the scam related to Bitcoin, the Pune police have arrested 10 defendants, including 35-year-old Amit Bhardwaj and him. Brother Vivek Bhardwaj. Pune is the second largest city in the Indian state of Mumbai, second only to Mumbai.
Amit Bhardwaj was arrested by the Pune police at Delhi Airport after returning from Thailand. “Hindu” clarified: “In Nida and Danadi in Pune, they have two cases registered.”
The Pune Mirror reported in detail that during the investigation, the police seized 237.7392 bitcoins and 92.1 ETHs from the defendant.
The news media further pointed out that “in a conservative estimate, the value of this cryptocurrency scam is 35 billion rupees (about 5.1 billion US dollars).” The publication said: “Puna police cybercrime team’s special investigation team (SIT ) An application was subsequently filed in the conference court asking them to sell the cryptocurrency seized during the investigation.”
In the documents submitted to the court, the police claimed that in order to “protect the interests of investors … the cryptocurrency confiscated by the investigation authority has become a matter of urgency and must be sold or liquidated.” The news media pointed out: “criminals buy and invest in bits The name of the coin deceived nearly 8,000 investors.”
The court of trial allowed the police to sell cryptocurrencies worth approximately 110 million rupees (about $1.6 million).
In the application to the court, before the special meeting judge DG Murumkar, the police explained the difficulty of clearing the cryptocurrency in India.
On April 6, the Bank of India issued a notice prohibiting financial institutions it regulates from providing services to cryptocurrency companies. The bank has three months to stop providing services to companies engaged in cryptocurrency transactions, including cryptocurrency exchanges. The ban is now in force.
Documents submitted to the court by the police show that the Reserve Bank of India has banned all banks from providing services, including maintaining accounts, registering, clearing, clearing, opening trading accounts, and transferring or collecting money in accounts related to the purchase or sale of virtual currency.
The news media explained in further detail:
“The police told the court that Zebpay and other Indian cryptocurrency exchanges have issued notices to their account holders telling them that they will not be able to liquidate the holdings because they will stop providing settlement services from July 6th. Encrypt the currency and withdraw the rupee balance.”