Quote from: masakali on July 25, 2016, 10:53:37 AM

Quote from: philiveyjr on July 25, 2016, 09:31:38 AM

Kind of sad to see this. They should be focusing more on the drug trades happening in the Punjab area which are happening without bitcoin. The situation is getting worse and worse by the day and should be the priority instead of the small portion of trades which happen through bitcoin.

It may be a serious case in the USA which is why the Indian police are under pressure to take some action.

As much as I know, financial crimes in the USA are treated as much more severely and on priority than in India.

Fraudulent credit card transaction in India - you file a FIR and forget about it, if you are very very lucky you may get your money back in 1-2 years. Most of the times it is a loss.

Fraudulent credit card transaction in USA - the banks have to return the money if the customer can prove he did not use the card for the transaction. High level police investigations are conducted by American govt and even if the culprit is in Europe or Asia they try to extradite him as soon as possible. There are thousands of such cases each year where fraudsters from all over the world are thrown into USA jails for messing with American money (USD).

Even in the US they are not able to track down bitcoin transactions or bitcoin related drug transactions so efficiently. Its only the marketplaces like Silkroad that they track down.

Considering this, I don't think Indian police has much chance of being able to track down those shipments which have been paid by bitcoins. But they certainly could address the Punjab problem and should prioritize that.