In a case that has sent shockwaves through India’s crypto community, the investigation into the July 18 WazirX exchange hack, which resulted in the theft of ₹2,000 crores worth of cryptocurrencies, has hit a roadblock in Bangladesh. The probe, led by the Delhi Police’s Intelligence Fusion and Strategic Operations (IFSO), has been stalled for over a month, following political unrest in India’s neighboring country.
The Delhi Police has so far arrested one suspect, SK Masud Alam, a resident of West Bengal, who allegedly sold his WazirX account credentials to a man identified as “Hasan.” According to the police, Hasan used the account to infiltrate WazirX’s systems, carrying out one of the most significant crypto heists in Indian history. Hasan’s trail, however, has gone cold, as his last known location was traced to Bangladesh, a nation recently plunged into turmoil by a military-backed coup.
Political Unrest and Diplomatic Hurdles
The coup in Bangladesh, which saw the ousting of Prime Minister Sheikh Hasina in a popular uprising supported by the military, has disrupted Indian authorities’ efforts to track down Hasan. Strained diplomatic relations, compounded by allegations of minority persecution in Bangladesh, have further complicated cross-border cooperation.
Currently, Indian officers are unable to enter Bangladesh for investigative purposes, with access limited to diplomats amidst the ongoing unrest. Sources close to the investigation reveal that this diplomatic stalemate has created a critical delay, potentially allowing Hasan and other key suspects to escape or go underground.
“When we arrested Masud Alam in West Bengal, the coup in Bangladesh had just begun, and the political upheaval has since rendered any direct investigation into Hasan impossible,” said a senior Delhi Police officer involved in the case.
Key Arrest and Breakthroughs
The arrest of Masud Alam marked a significant step in the investigation. The police charge sheet, filed in Delhi’s Patiala House Court, describes Alam as a small-time crypto investor who operated accounts on several platforms, including WazirX.
Investigators revealed that Alam sold a WazirX account, created under the name of a West Bengal resident, Souvik Mondal, to Hasan via Telegram. Mondal, an uneducated daily wage laborer, was unaware of the account’s existence. Alam allegedly used Mondal’s Aadhaar card for Know Your Customer (KYC) verification and his own phone number for OTP confirmations.
“Masud Alam confessed to being contacted by Hasan, who offered him a small sum for the account. It was Hasan who used this account to orchestrate the hack,” said a Delhi Police officer.
The Road Ahead
The investigation now hinges on diplomatic efforts by India’s Ministry of Home Affairs (MHA) and Ministry of External Affairs (MEA) to secure access to Bangladesh. Meanwhile, the Delhi Police is preparing a supplementary charge sheet, expected to be filed by February 2025.
However, whether Indian authorities can apprehend Hasan remains uncertain. With political instability providing cover for suspects and diplomatic hurdles slowing the investigation, the chances of resolving the WazirX hack seem increasingly tenuous.
For now, the crypto community watches with bated breath as the investigation into one of India’s largest crypto thefts teeters on the edge of a diplomatic impasse.
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