Over the past few years, cryptocurrency traders have faced a troubling ordeal of police corruption allegations. Many traders have claimed that investigating officers demand bribes to absolve them from online cheating cases that they were not involved in. This unfortunate scenario often leaves traders with limited options, as refusing to pay the bribes leads to their bank accounts being frozen indefinitely, and in some cases, they are even unjustly arrested and kept in custody.
In a recent incident that gained significant attention, Kerala Police took decisive action by apprehending four officers from Karnataka Police on charges of extortion. These officers allegedly extorted Rs 4 lakh from two Kochi-based cryptocurrency traders in exchange for their freedom from an online cheating case. This arrest marks a crucial step towards addressing the issue of corrupt practices within the law enforcement system.
As the details of the case unfolded, it was revealed that the accused Karnataka officers, Inspector Shivaprakash, constables Shivanna, Vijaya Kumar, and Sandesh from Bengaluru’s Whitefield CEN Crime Police Station, were taken into custody by Kochi’s Kalamassery Police. The police found Rs 3.95 lakh in their possession, and when questioned, they failed to provide a satisfactory explanation for the source of the money.
The four Karnataka officers were subsequently charged with extortion under Section 384 of the Indian Penal Code (IPC) and with threatening to extort money under Section 385 of the IPC. However, due to the punishment for these offenses being less than seven years in prison, they were served notice under Section 41B of the IPC and released.
This case sheds light on the struggles faced by cryptocurrency traders who often find themselves unfairly targeted by law enforcement, despite engaging in transparent and legal trading activities. One such trader, Abdul Jabbar V H, a cyber activist representing several victims of arbitrary bank account freezes in Kerala, asserts that trading in cryptocurrency is no different from buying or selling any other product online. He highlights the need for proper understanding and acknowledgment of the legitimacy of their trading practices.
In the larger context, this incident is part of a disturbing pattern of “Freeze and Fleece” practices that some police officers employ to exploit the vulnerabilities of innocent individuals. Instances have surfaced where officers freeze bank accounts of third parties over online frauds and demand bribes to release the accounts. Despite no involvement in the crimes, victims find themselves caught in the web of corruption, struggling to reclaim their frozen assets.
It’s worth noting that the issue extends beyond Kerala, with police officers from various states, including Telangana, Delhi, Karnataka, and Gujarat, being implicated in similar practices. Policymakers and law enforcement authorities must address these corrupt practices and implement strict guidelines to prevent such unjust actions against innocent individuals. The All India Virtual Asset Traders’ Association has taken a proactive stance by planning to approach the Supreme Court to seek direction on preventing punitive actions against third-party traders in cybercrime cases. Their efforts to demand accountability and transparency in freezing bank accounts and arresting third-party crypto traders are essential steps toward ensuring a fair and just system for all.
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