fbpx
Money

India’s Ruling Party Accused Of Involvement In ‘Mega Bitcoin Scam’

India’s ruling government, the Bharatiya Janata Party (BJP), was accused by former rulers Congress after a bitcoin scam amounting to Rs. 5,000 crore ($763 million) surfaced in the state of Gujarat.

Estimated to Cross $12 Billion

As reported by local news NDTV on July 6, a few Congress leaders from Gujarat demanded a Supreme Court intervention in the matter after reports emerged of BJP leaders involved in illicit cryptocurrency activities.
A spokesperson for the Congress party, Shaktisinh Gohil, called it a “multi-layered” scam and estimated the total haul could cross over Rs. 88,000 crore ($12 billion). However, the latter figure would imply ten percent of bitcoin’s total market cap.

Gohil added:

“A new mega bitcoin scam has been unraveled in Gujarat. The finger of suspicion of this massive scam of illegal cryptocurrency directly points to several top Bharatiya Janata Party leaders and a mastermind — an absconding BJP leader and former MLA Nalin Kotadiya.”

The pioneer cryptocurrency remains an illegal tender in India and is frowned upon by regulators. However, the tremendous number of cryptocurrency scams happening in the nation lately makes a perfect reason why they have levied such a stranglehold ban.

Meanwhile, Gohil compared the scam to a “Pandora’s box” and stated, “illegal hawala transactions, kidnappings, extortion of cryptocurrency using CBI/police/government authorities at the behest of top BJP leaders in Gujarat is a norm”.

The latest scam traces back to Gujarat builder Shailesh Bhatt in his misdoing of 200 bitcoins from promoters of infamous ponzi scheme Bitconnect, as reported by CCN in June 2018.

Investigators scrutinized Bhatt’s offices and later found the police involved in helping the builder in extorting bitcoins. Later, action was taken against several officials including state police head Jagdish Patel.
India’s Central Intelligence Department (CID) then discovered one Nalin Kotadiya, who orchestrated the unauthorized acts with various parties.

However, Gohil believes the currently-absconding Kotadiya’s arrest “will reveal damning evidence which will expose top BJP leaders in the state.” He further alleged the scams as a state-backed operation to convert “black” money into “white.”

Meanwhile, the BJP dismissed all accusation against its police force in Gujarat and called the report “an attempt by the opposition party’s “dirty tricks department” to spread confusion and lies.”

BJP spokesperson Anil Baluni noted:

“The Congress were laughable and nothing can be more unfortunate than this as it is the state police which has cracked the case and acted against several persons.”

This story originally appeared in CCN. Image courtesy of Shutterstock.

Join The Discussion

EU Divorce Deal Thrown Into Doubt As Brexit Minister Resigns
EU Divorce Deal Thrown Into Doubt As Brexit Minister Resigns [Video]
At Least 56 Killed, 130 Missing In California's Deadliest Wildfire
At Least 56 Killed, 130 Missing In California’s Deadliest Wildfire [Video]
Child Muay Thai Debated In Thailand After 13-Year-Old Dies
Child Muay Thai Debated In Thailand After 13-Year-Old Dies
Is The Trump-Macron 'Bromance' Over
Is The Trump-Macron ‘Bromance’ Over? [Video]
Bitcoin Dips Below $5,400 For The First Time In 2018
Bitcoin Dips Below $5,400 For The First Time In 2018
Crypto Market Drops In $8B Bloodbath
Crypto Market Drops In $8B Bloodbath
Philippine Central Bank To ‘Study Crypto’ Before Issuing Rules
Philippine Central Bank To ‘Study Crypto’ Before Issuing Rules
IMF Says Governments Could Set Up Their Own Cryptocurrencies
IMF Says Governments Could Set Up Their Own Cryptocurrencies
How To Build A Social Media Following Of 1 Million In 30 Days
How To Build A Social Media Following Of 1 Million In 30 Days
5 Tips To Grow Your YouTube Channel In 2019
5 Tips To Grow Your YouTube Channel In 2019 [Video]
How 30 Major Businesses Use Instagram Stories
How 30 Major Businesses Use Instagram Stories [Infographic]
7 Ways to Use Pinterest to Drive Business Results
7 Ways to Use Pinterest to Drive Business Results [Infographic]
Facebook Starts Rolling Out 'Unsend' Option In Messenger
Facebook Starts Rolling Out ‘Unsend’ Option In Messenger
Facebook Releases New Report Into Travel Booking Trends [Infographic]
LinkedIn Continues To Re-Focus on Groups
LinkedIn Continues To Re-Focus On Groups And Infrastructure
Instagram Cashes In On Promote For Stories And Fresh Analytics
Instagram Cashes In On Promote For Stories And Fresh Analytics
Master Your Mind and Defy the Odds with David Goggins
Master Your Mind And Defy The Odds [Podcast]
Priming Your Brain For Success Through Sleep
Priming Your Brain For Success Through Sleep
What “Bohemian Rhapsody” Teaches Us About Living A Braver, Bolder Life
What “Bohemian Rhapsody” Teaches Us About Living A Braver, Bolder Life
6 Signs You’ve Outgrown Someone In Your Life
6 Signs You’ve Outgrown Someone In Your Life
EU Divorce Deal Thrown Into Doubt As Brexit Minister Resigns
EU Divorce Deal Thrown Into Doubt As Brexit Minister Resigns [Video]
At Least 56 Killed, 130 Missing In California's Deadliest Wildfire
At Least 56 Killed, 130 Missing In California’s Deadliest Wildfire [Video]
Is The Trump-Macron 'Bromance' Over
Is The Trump-Macron ‘Bromance’ Over? [Video]
5 Tips To Grow Your YouTube Channel In 2019
5 Tips To Grow Your YouTube Channel In 2019 [Video]