Cryptocurrency fraudsters plying their trade in India may have to migrate to other countries or risk being caught by the country’s authorities who are arranging a two-day course to train police officials on how to manage the growing trend.
The Ministry of Home Affairs India revealed the upcoming training which would take place between September 5-6 2019 in an update, noting that the government would foot the bill for the activity which resembles another planned by Europol in the coming months.
The training would revolve around a course dubbed “Investigation of Cases Involving Crypto Currencies,” and will among other things teach police officials the basics of blockchain technology, legal aspects of cryptocurrencies, and previous cases of crypto crimes tackled by regulators.
Officials would not be mandated to take part in the training since participants would be nominated unless they’ve previously indicated interest to partake in cybercrime and IT educational programs by the Police academy.
Interestingly, the upcoming training for officials raises slight hope that maybe India would not finally ban cryptocurrencies as earlier reports suggested, but would instead move to regulate the industry which has been under a near blanket ban since 2017.
Meanwhile, the decision to provide Police officials with the necessary training comes amid growth in the number of crypto-related crimes plaguing the Asian nation.
Since the start of the year, we’ve reported two notable crypto-crime cases in India.
First, the country’s authorities declared wanted Bitconnect-linked Divyesh Darji, who is also the alleged founder of the Regal Coin cryptocurrency that defrauded investors during the ICO boom in 2017.
Similarly, in February they arrested four of five suspects who defrauded investors of roughly $17 million through the sale of a fake cryptocurrency.