Central Bank of India Freezes Police Funds From Crypto Sales
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Oct. 4, 2019
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The Reserve Bank of India (RBI), the country's central bank, has frozen a bank account in which the Indian police had stored over $1M from the sale of seized cryptocurrencies.

According to local newspaper Times of India, last year the police department of Pune seized 244 bitcoins from Akash Kantilal Sancheti, a man accused of conducting a Ponzi scheme called "Gain Bitcoin" in order to steal investors' funds.

After seizing the cryptos, the police of Pune decided to sell the cryptocurrencies in an attempt to recover part of the stolen money, however, the RBI has blocked the $1.2M transfer to their bank account.

The RBI has said it decided to block the account, even though it belongs to the police, because all persons and institutions are banned from doing any crypto-related business in the country.

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