Federal Investigation Agency's Agents Exposed for Taking Bribes in Bitcoin

Federal Investigation Agency’s Agents Exposed for Taking Bribes in Bitcoin

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An investigation launched against former officials of the Federal Investigation Agency’s (FIA) Cyber Crime Wing has revealed that the accused had taken bribes from citizens in Bitcoin (BTC), reports revealed.

According to the details, the former officials had held influential positions in the Cyber Crime Wing. Moreover, he took the advantage of his position and power and blackmails individuals who were under investigation in pornography cases.
One of the suspects named Muhammad Ali has involved in the blackmailing for hefty bribes.

Similarly, the authorities recently apprehended suspects in Lahore for robbing two Swiss foreigners after taking them to an undisclosed location. The reports suggest that the suspects had stolen an amount of Rs. 14.7 million through digital payments (Bitcoin).
In this regard, the police have stated that one of the suspects, who was identified as Rana Irfan Mahmood, is still at large and is awaiting prosecution.

IT experts have also been included in the case to recover the sum in digital holdings.

Read Also: LUMS is set to launch Pakistan’s first academic cryptocurrency program

A step towards change by SECP

A few days back, the first time in Pakistan, any regulatory authority takes such initiative. The Securities and Exchange Commission of Pakistan (SECP) has decided to issue a regulatory framework for the regulation and monitoring of digital and virtual assets. That includes Crypto Assets to control the misuse of virtual currencies in Pakistan that have a global market value of over EUR 7 billion worldwide.

Read Also: Iran Might Become One of the Richest Countries Due to Bitcoin, Here’s How

In this regard, the SECP has drafted a document on the regulation of Digital Asset Trading Platforms in Pakistan.

Although there is no consensus on the definition of digital assets, the shared commonalities between all of them are:

  • Digital/Cryptocurrencies; digital tokens/assets; Utility Tokens
  • Security Tokens – either backed by real assets or cryptographic Distributed Ledger Technology.

Soon the fraudulent will be after the bars as it is not easy now to misuse the bitcoins.

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