Kevin Helms: Special Unit Formed to Investigate Crypto Cases in India

virtual-currency special-unit sit scam reserve-bank-of-india regulation rbi pune probe police panel n-economy maharashtra investigative investigation indian india government digital-currency cryptocurrency crypto congress central-bank btc bitcoin

Special Unit Formed to Investigate Crypto Cases in India

A special investigations unit has been set up in the Indian state of Maharashtra where there is a rise in bitcoin-related scams. The unit will take over the investigation of all cases relating to cryptocurrency in the state that are currently handled by various police departments.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Special Unit Formed for Crypto

Minister Deepak Vasant Kesarkar, a member of the 13th Maharashtra Legislative Assembly, made a statement regarding cryptocurrency cases in his state on Tuesday. The Pune Mirror quoted him replying to a Calling Attention motion tabled by the opposition leader in the Legislative Council:

A special investigative team (SIT) will be formed to investigate all cases related to cryptocurrency, including bitcoin, in Maharashtra…The SIT will take over investigations currently being done by various units of the state police.

He explained that the new unit will 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 government has also decided to conduct an inquiry using “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 told the news outlet:

Already such cases were reported in Thane, Pune, Nanded and Kolhapur where members of public have been allegedly cheated through 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,” adding 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 party alleged that some of the top BJP party leaders are involved in a bitcoin scam in Gujarat. The Financial Express quoted a Congress spokesperson saying there were “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 city sessions court refused bail to seven police officers who were arrested in connection with a bitcoin extortion case in June, according to the Times of India. They were accused of being part of the police team that allegedly abducted and detained Surat-based builder Shailesh Bhatt and forced him and his business partner Kirit Paladiya to transfer 200 BTC.

The move by the Maharashtra government came just four days after the crypto banking ban by the Reserve Bank of India (RBI) went into effect.

What do you think of the special unit set up to investigate crypto cases? Let us know in the comments section below.

Images courtesy of Shutterstock and Wikipedia.

Need to calculate your bitcoin holdings? Check our tools section.

The post Special Unit Formed to Investigate Crypto Cases in India appeared first on Bitcoin News.

Original article was created by: Kevin Helms at news.bitcoin.com

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency or ICO.

Interested in Cryptocurrencies and ICO's?

Follow our telegram channel for daily cryptomarket reports!

Join @cointrends

Related Articles

pubDate Newsline
56 minutes ago The Daily: New Crypto Bills on Capitol Hill, Russian Banks Face Demand for Cryptocurrencies
1 month ago Bob Goodlatte Becomes First Member of Congress to Disclose Crypto Holdings
56 minutes ago The Daily: New Crypto Bills on Capitol Hill, Russian Banks Face Demand for Cryptocurrencies
8 hours ago UNICEF France Accepts Donations in 9 Cryptocurrencies
56 minutes ago The Daily: New Crypto Bills on Capitol Hill, Russian Banks Face Demand for Cryptocurrencies
3 hours ago China During Crypto Ban: One Woman Tries to Live on Bitcoin
56 minutes ago The Daily: New Crypto Bills on Capitol Hill, Russian Banks Face Demand for Cryptocurrencies
17 hours ago SEC Orders Proceedings to Rule on ETF, Seeks Further Feedback
8 hours ago UNICEF France Accepts Donations in 9 Cryptocurrencies
10 hours ago Chechnya to Create Mining Pool for Eurasian Economic Union Countries
8 hours ago UNICEF France Accepts Donations in 9 Cryptocurrencies
10 hours ago Chechnya to Create Mining Pool for Eurasian Economic Union Countries
10 hours ago Chechnya to Create Mining Pool for Eurasian Economic Union Countries
1 day ago China Updates Crypto Rankings, Downgrades Bitcoin
10 hours ago Chechnya to Create Mining Pool for Eurasian Economic Union Countries
15 hours ago Exchanges Round-Up: Circle Invest Adds Four Alts, Stockholm IT Announces Crypto Fund
10 hours ago Chechnya to Create Mining Pool for Eurasian Economic Union Countries
1 day ago China Updates Crypto Rankings, Downgrades Bitcoin
2 days ago Ex-Liberia Central Bank Chief Under Probe for Missing $104M, State Seeks FBI Help
3 days ago Danske Bank’s Alleged Money Laundering Now Totals $234 Billion, CEO Quits
4 days ago PBOC Provides Update on Its Crypto Prevention Efforts
5 days ago Five Major Banks Penalized in State Funds Theft Case in Kenya
4 days ago Denmark’s Largest Bank Took Two Years to Close Accounts of Blacklisted Russian Clients
5 days ago Necessity: the mother of EV technology in India
5 days ago More Banks Sanctioned for AML, Fraud-Related Violations
5 days ago More Banks Sanctioned for AML, Fraud-Related Violations
5 days ago Seoul-Based Food Delivery Service Now Accepts Bitcoin Cash
5 days ago More Banks Sanctioned for AML, Fraud-Related Violations
6 days ago Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI Ban
5 days ago The Secret to Better Government Is Less Government
3 weeks ago S.269 (Act 205) and Blockchain-Based Limited Liability Companies (BBLLCs)
6 days ago Google Security Expert Warns Against Bitcoin Bragging Online
1 week ago Crypto-Flashbacks: How the Media Pumped the ICO Known as Paycoin
6 days ago Growing Number of Indian Crypto Exchanges Say Fiat Support Is Back Despite RBI Ban
1 week ago RBI Ban Hearing Delayed – Indian Supreme Court Too Busy for Crypto This Week
3 weeks ago Russian Police Seize 22 Cryptocurrency ATMs in 9 Cities
1 month ago Three Hackers Held in China Over $87 million Crypto Theft
1 month ago Reports: India’s Crypto Regulations Delayed, Government Considers ‘Crypto Tokens’
2 months ago Indian Bitcoin Ponzi Schemer Offers to Repay Initial Investments to Victims
2 months ago Indian Bitcoin Ponzi Schemer Offers to Repay Initial Investments to Victims
5 months ago India Divided on Whether to Ban Crypto Use

Stay on top of Altcoins and ICO trends.

Subscribe to our free Weekly Cryptomarket report

Delivered once a week, strongly to your inbox.

Subscribe to our mailing list
September 23, 2018

The Daily: New Crypto Bills on Capitol Hill, Russian Banks Face Demand for Cryptocurrencies

From Washington to Moscow, cryptocurrencies have entered the agenda of those who share a vocation to rule and regulate. Following the congressional summer vacation, the House of Representatives passed a bill that will enable the Treasury to investigate crypto transactions, while a Congressman...

From: Lubomir Tassev

China During Crypto Ban: One Woman Tries to Live on Bitcoin

Close to being yet another annoyingly false media piece on how ‘hard’ it is to live on cryptocurrency, the Netflix of China, Iqiyi, followed a woman attempting just that for 21 days. Bitcoiners have been doing so for years through various service providers, exchanges, and, yes, even...

From: C. Edward Kelso

UNICEF France Accepts Donations in 9 Cryptocurrencies

The French office of the United Nations Children’s Fund (UNICEF) has started accepting donations in 9 of the most popular cryptocurrencies, including bitcoin cash (BCH) and bitcoin core (BTC). The announcement comes after earlier this year the UN agency launched several other...

From: Lubomir Tassev

Chechnya to Create Mining Pool for Eurasian Economic Union Countries

Chechnya will create a Eurasian crypto mining pool, the press secretary of the head of the Chechen Republic has reportedly confirmed. The project aims to combine the resources of crypto miners from the Eurasian Economic Union countries. Also read: 160 Crypto Exchanges Seek to Enter Japanese...

From: Kevin Helms

Six New and Improved Cryptocurrency Analysis Tools

Blockchain explorers and cryptocurrency analysis sites just keep getting better. While Coinmarketcap (CMC) still dominates, these days it’s got stiff competition to contend with. Moreover, many of these platforms aren’t simply aspiring to be CMC knock-offs: they’re providing fresh tools...

From: Kai Sedgwick
September 22, 2018

Bitcoin Glyphs Added to Apple’s Shortcuts Application

Apple recently introduced a new lineup of iPhones and its new operating system iOS 12. Moreover, four days ago the company also updated its Siri extension called the ‘Shortcuts’ application with two new Bitcoin glyphs available. Also read: Critical Bug Found in Bitcoin Core Invokes the...

From: Jamie Redman
Upcoming ICO's
This week overview
Token Name Starts
RoBust Defense Token (RBDT) logo RoBust Defense Token (RBDT) 1 days
Yumerium (YUM) logo Yumerium (YUM) 3 days
Blockchain.io (BCIO) logo Blockchain.io (BCIO) 4 days
Cryptocurrency rates
*Last hour average price&change
Coin Name Price Hour
Bitcoin logo BTC $6766.15488616 0.17%
Ethereum logo ETH $246.608971003 0.35%
Ripple logo XRP $0.5854000865 0.17%
Bitcoin Cash logo BCH $498.058929653 -0.65%
EOS logo EOS $6.0693636332 0.04%
Stellar logo XLM $0.2857561968 -3.64%
Litecoin logo LTC $62.7294710063 -0.06%
Tether logo USDT $0.9999920645 0.26%
Cardano logo ADA $0.0924337356 0.14%
Monero logo XMR $126.697769034 -0.24%
DigitalCash logo DASH $208.871006323 -0.25%
IOTA logo IOT $0.6220715014 -0.38%