Special Unit Formed to Investigate Crypto Cases in India


A particular investigations unit has been arrange in the Indian state of Maharashtra the place there’s a rise in bitcoin-related scams. The unit will take over the investigation of all instances relating to cryptocurrency in the state which might be presently dealt with by numerous police departments.

Special Unit Formed for Crypto

Minister Deepak Vasant Kesarkar, a member of the 13th Maharashtra Legislative Assembly, made a press release relating to cryptocurrency instances in his state on Tuesday. The Pune Mirror quoted him replying to a Calling Attention movement tabled by the opposition chief in the Legislative Council:

A particular investigative crew (SIT) will likely be fashioned to examine all instances associated to cryptocurrency, together with bitcoin, in Maharashtra…The SIT will take over investigations presently being accomplished by numerous models of the state police.

He defined that the brand new unit will likely be headed “by an official of the rank of additional director-general of police,” adding that it has been given three months to research all of the companies “that have cheated investors in the name of cryptocurrency.”

Panel to Probe Scams

Special Unit Formed to Investigate Crypto Cases in IndiaThe Maharashtra authorities has also determined to conduct an inquiry utilizing “a panel headed by additional director general of Economic Offence (EO) Prabhat Kumar,” DNA publication detailed.

“The panel will be entitled to coordinate with central agencies including Enforcement Directorate (ED) for probe in such scams.”

Kesarkar informed the information outlet:

Already such instances have been reported in Thane, Pune, Nanded and Kolhapur the place members of public have been allegedly cheated via cryptocurrency.

The Pune Mirror elaborated, “It is estimated that investors from the state were cheated to the tune of around Rs. 2,000 crore [~US$2,906,400] in cryptocurrency trade,” including that “the most common method of cheating was offering high returns under the multi-level marketing (MLM) scheme.”

Other Recent Crypto Fraud Cases

Special Unit Formed to Investigate Crypto Cases in IndiaLast week, the Indian Congress get together alleged that among the high BJP get together leaders are concerned in a bitcoin rip-off in Gujarat. The Financial Express quoted a Congress spokesperson saying there have been “reports of the state police blackmailing some businessmen in Surat for extortion and named a former BJP legislator as one of the kingpins.”

On Monday, a metropolis classes court docket refused bail to seven law enforcement officials who have been arrested in reference to a bitcoin extortion case in June, in accordance to the Times of India. They have been accused of being a part of the police crew that allegedly kidnapped and detained Surat-based builder Shailesh Bhatt and compelled him and his enterprise accomplice Kirit Paladiya to switch 200 BTC.

The transfer by the Maharashtra authorities got here simply 4 days after the crypto banking ban by the Reserve Bank of India (RBI) went into impact.

What do you consider the particular unit arrange to examine crypto instances? Let us know in the comments part below.

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