UK Crime Officer Charged With Stealing 50 Bitcoin During Investigation

The UK’s Crown Prosecution Service (CPS) approved charges against National Crime Agency (NCA) officer Paul Chowles over the alleged theft of 50 Bitcoin during a 2017 investigation into online organized crime.

“We have authorized Merseyside Police to charge National Crime Agency officer Paul Chowles with 15 offenses relating to the alleged theft of 50 Bitcoin,” Malcolm McHaffie, head of the CPS Special Crime Division, said in a statement on Thursday.

Chowles, 42, from Bristol, faces 11 counts of concealing, disguising, or converting criminal property, three counts of acquiring, using, or possessing criminal property, and one count of theft. He is set to appear at Liverpool Magistrates’ Court on April 25.

The NCA, often called the “British FBI,” is responsible for tackling serious organized crime, including drug trafficking, cybercrime, and money laundering. The CPS, which reviews evidence and decides on prosecutions, handles complex cases like this through its Special Crime Division.

Bitcoin now worth over $4 million

At the time of the alleged theft, the 50 BTC was worth around £60,000 ($77,400), but its value has since surged to nearly £3.2 million ($4.2 million).

In April 2024, the UK government expanded police powers to seize, freeze, and destroy crypto assets linked to criminal activity, even without an arrest. Former Security Minister Tom Tugendhat called the reforms a strong warning that crime wouldn’t be profitable.

It remains unclear whether authorities recovered the missing Bitcoin or if Chowles still has access to the funds.

That said, the U.K.’s Financial Conduct Authority (FCA) plans to implement a comprehensive crypto regulatory regime by 2026 to address the growing adoption of digital assets across the country.

The move comes as ownership of cryptocurrencies grew by 4% over the past two years, with an estimated 7 million adults now holding crypto, according to an FCA-commissioned study.