India is an emerging nation, which is known to wholeheartedly welcome innovative technology, but that hasn’t been the case with cryptocurrencies. The crypto industry has faced severe blows from regulatory authorities, resulting in unorganized crypto trade in the country.
However, the news that came on Sunday was the darkest for the crypto space in India yet. Bharat Patel, a Bitcoin trader from Ahmedabad, Gujarat, committed suicide at his residence by hanging himself. According to the police, Patel has left behind a suicide note blaming Deputy Superintendent of Police (DSP) Chirag Savani and his elder brother Haresh Savani for this fatal decision.
Patel said in the note,
There is huge pressure on me and my brother. I am very disturbed due to bitcoin recovery. Chirag Savani visited my house and threatened me to pay him back the entire bitcoin. I am compelled to commit suicide. And the pressure of the two brothers is responsible for my suicide. My family members have nothing to do with this, and they are innocent.
Government of India has failed to lay down rules for the crypto space, despite the directions from the Supreme Court. The Reserve Bank of India has been at the throat of crypto companies in the country, forcing many to quit operations. Had the market been regularized and formalized, Patel might not have decided to end his life, as laws would have supported him.
The crypto winter of 2018 was devastating for most Bitcoin investors who invested in the second half of 2017 when the market was rallying upwards of $15,000 apiece. The drastic fall in the subsequent year meant investors lost thousands of dollars per unit of Bitcoin. The senior police officers were threatening Bharat and his brother to compensate for the losses they suffered.
In an ideal case scenario, a trader, who invests on behalf of someone else is not liable for the losses suffered. For instance, a trader who invests in equity markets on behalf of his clients will not be liable if the share prices go down. However, the unregulated market condition in India meant that the cop could take undue advantage of his position and power to threaten Patel for his losses.
The police department is now investigating the case, and if sufficient evidence is found, the official will be arrested, said the Deputy Police Commissioner Dharmendra Sharma. The forensic department will be authenticating the legitimacy of the suicide note, he added.