India's Ruling Party Caught Up in Bitcoin Scam

Written by:
Published on:

India’s largest political party, the Indian National Congress (INC), accused the ruling Bharatiya Janta Party (BJP) of orchestrating what could equate to a $12.78 billion bitcoin scam on Thursday.

INC spokesperson Shaktisinh Gohil claims that the illicit money was converted to cryptocurrency via ‘hawala’ transactions whereby none of the funds were actually moving.

Gohil said the “mega bitcoin scam” has been unravelled by the Gujarat police but none of the kingpins has been arrested, according to the Hindustan Times.

BJP spokesperson Anil Baluni said on Thursday, “Even as the BJP scrambles for answers to explain how the Ahmedabad District Cooperative Bank (ADCB), whose director is BJP President Amit Shah, received old currency worth Rs 745.58 crore in just 5 days and how Rs 3118.51 crore were deposited in 11 district co-operative banks linked with BJP leaders in Gujarat itself, a new ‘Mega bitcoin Scam’ worth more than Rs 5000 crore has been unravelled in the state."

He alleged that this is a “multi-layered” scam where illegal hawala transactions, kidnappinga, extortion of cryptocurrency using government authorities at the behest of top BJP leaders in Gujarat has become a norm, according to Baluni.

CCTV footage reportedly shows proof of the police extortion.

None of this can be good for bitcoin, which has struggled to gain ground lost from its near $20,000 peak price in December.

The price of bitcoin was sitting just under $7000 early afternoon Eastern Standard Time.

- Jagajeet Chiba,



Business/Financial News

Find a Fantastic Pay Per Head for the NBA Playoffs

Find a Fantastic Pay Per Head for the NBA Playoffs

Believe it or not, the NBA Playoffs are just around the corner and now is the time to start thinking about taking your bookie business to the next level.

How Does a Pay Per Head Work?

A Pay Per Head business is one in which you pay X amount of dollars per customer per week to have another company run nearly every aspect of your bookmaking business.

How Much Profit do Bookies Make?

How Much Profit do Bookies Make?

Bookies are people that accept action on various sports, and most bookies have an average weekly hold percentage of around 5%.

QuadrigaCX Founder Dies With Only Access to Exchange Password: Made Out Will Days Prior

The CEO and founder of Canadian cryptocurrency exchange QuadrigaCX wrote his will just 12 days prior to his death, but he neglected to disclose the crypto exchange password.

6 Fatal Errors That Could Be Costing Online Bookies Serious Profits

6 Fatal Errors That Could Be Costing Online Bookies Serious Profits

Online bookies need to be aware of 6 fetal errors that cause agents to close shop for good. Find out if you’r making these mistakes and if your sportsbook is spilling potential profits everywhere.