Though India is not a supporter of any digital currency, the crime involving bitcoin case within the country could total about Rs.13 billion in local currency. Gujarat CID has been probing the case that could expose the scam. As the investigators dig into it deeply, it appears that they are getting more and more information about the possibility of an increased crime than initially expected. Interestingly, bitcoin is the most that were involved any scam not only in India but also around the world. That is mainly because of its significant value and higher adoption rate.
The kidnapping of a software engineer in February early this year involved approximately 200 bitcoins that were worth Rs.120 million. However, the big catch is something else, i.e., the administrator of a bitcoin investment firm. There also an unnoticed event of a kidnapping. It had never come on record. However, the kidnappers of that kidnapping case extorted about 1,850 bitcoins. Incidentally, the two kidnapping happened in the same place of Amreli in Gujarat. The value of those bitcoins were about Rs.920.50 million since the engineer was well aware of the password of the e-wallet, times of India reported quoting a CID Crime official.
The official stated that the kidnappers came under the pretext of income tax officers. However, this person and his wife have managed to escape from the country. Incidentally, the person’s wife is a software engineer. The duo is said to be having approximately 22,000 bitcoins. This is valued over Rs.13 billion that belonged to investors. Criminals are not worried about the potential government actions as they feel that they are capable of avoiding them. They are confident that they could sell or make money out of the stolen bitcoins outside the country too.
Officials probing the case indicated that a parallel inquiry has also been going on on the previous kidnap case that involved bitcoin as ransom. Another key point is that a number of people in Surat have indulged in diverting their black money to bitcoins after November 2016. That is when the government announced demonetization to crack a whip on black money. Incidentally, the company that dealt with bitcoin has been in existence since the year 2009.…