UK CPS authorizes charges against NCA officer over alleged theft of bitcoin now worth $4.2 million

The UK's Crown Prosecution Service has authorized charges against National Crime Agency officer Paul Chowles related to an alleged bitcoin theft in 2017.

"We have authorised Merseyside Police to charge National Crime Agency officer Paul Chowles with 15 offences relating to the alleged theft of 50 bitcoin during an investigation into online organised crime," Head of the Crown Prosecution Service's Special Crime Division Malcolm McHaffie said in a statement on Thursday.

Specifically, Chowles, 42, from Bristol, is set to be charged with 11 offenses of concealing, disguising or converting criminal property, three offenses of acquiring, using or possessing converting criminal property and a single count of theft.

The CPS is the principal public agency for prosecuting criminal cases in England and Wales, responsible for reviewing evidence collected by the police and other law enforcement agencies and deciding whether to bring charges against individuals. Its Special Crime Division deals with some of the most complex and sensitive cases.

The NCA is a law enforcement agency that tackles serious and organized crime across the UK. Sometimes informally referred to as the "British FBI," it works to disrupt criminal networks involved in drug trafficking, cybercrime, human trafficking, money laundering, fraud and child exploitation.

Chowles is due to appear at Liverpool Magistrates’ Court on April 25.

Alleged stolen bitcoin now worth $4.2 million

While the 50 BTC was worth just £60,000 ($77,400) at the time of the alleged theft, the substantial rise in the value of the foremost cryptocurrency in the intervening years means those funds are now worth around £3.2 million ($4.2 million). 

In April 2024, the UK government granted greater powers for the NCA and police to seize, freeze and destroy crypto assets used by criminals without making an arrest. "These reforms are bad news for criminals, they send a clear message we will never let crime pay," former Security Minister Tom Tugendhat said at the time.

However, it remains unclear whether UK authorities have recovered the bitcoin in this case or if Chowles still has access to the funds.