A huge scam amounting to three billion US dollars (3.2 trillion won) came to India. The huge fraud came after a real estate agent was kidnapped by a police officer in Gujarat, India, and was taken away for the release of 200 BTC worth $ 1.8 million. The ransom payment case in Gujarat, where the prime minister of India is also home, was started by the Criminal Investigation Department (CID).
As a result, it became clear that many police officers were involved. Eight police officers were indicted and accused of being led by an ex-Nationalist party leader led by Moody. There is also evidence that another politician was involved and that there was concern over the leak.
That’s not all. There is a suspicion that a large amount of fraud using bit coin is happening all over India as the ruling party expands on money laundering charges. According to a CID investigator, from the second half of 2016 to early 2017, BitConnect invested in Bitcoin, one of the co-founders of which was a fraud against individual investors around the world, and only six in the US It is said that he is accused.
BitCoin’s investment has made tremendous revenues as bit coin prices soared from $ 1,000 in 2017 to $ 19,700 in 1BTC. And many investors in Gujarat state invested in Bitcoin through BitConnect. A lot of individual investors in India have fallen into bitcoin investment, not only because of the rise in bitcoin prices, but also because of the policy of the prime minister.
In India, illegal economic activity, which the government can not grasp, accounts for as much as 20% of GDP. In November of 2016, he announced that he would abolish the two high-rises of Rs 1,000 and Rs 500 to suddenly overcome the situation. Accordingly, if new bills are not exchanged within 60 days or deposited in a financial institution, all existing bills will be discontinued. This tough policy was aimed at driving the black money from the market.
As a result, it succeeded in deactivating the Rs 15 trillion (Rs 244 trillion) in value, but most of the Indian investors turned it into a cipher currency before the value of the cash in hand disappeared. During the 60-day grace period, search terms such as cash non-cashing and black money laundering in India were at the top of the list, and most of these searches were done in Gujarat.
India ‘s cryptographic investment craze has been confirmed by the world’ s cryptographic exchange. It is estimated that 25% of the cryptographic markets have been upheaved with the participation of a large number of Indians. CID was originally aimed at money laundering of such black money, but once they bought the cipher money, they saw the price go up, and later the move to invest in the cipher money until the house or car was sold.
Cryptographic fraud case by BitConnect says the damage in India is as high as $ 3 billion. A large number of Bitcoin fraud cases across India have caused a heated debate on the part of the Prime Minister, but the allegations of corruption by the ruling party have led the opposition party to abuse the bitcoin that was abused by the ruling party’s political funds through money laundering It is also becoming increasingly difficult for the government to make claims.