Tag Archives: india

India’s financial crime investigation agency Enforcement Directorate (ED) has sought the help of police in a case of bitcoin theft worth Rs. 6 crores ($790,000) by the investigators who were assisting the police in a crypto fraud case worth over $260 million.     What Is the Case? As per media reports, ED officials visited the office of Pune’s Commissioner of Police in the Maharashtra province last Saturday and collected some information about the crime.  The case pertains to...

Two of India’s largest crypto exchanges – CoinSwitch Kuber and WazirX – have halted deposits in Indian rupees citing regulatory problems, triggering a wave of angry protests by investors on social media. It comes two days after Coinbase halted deposits in Indian rupees on Sunday, barely 3 days following its launch in India on April 7. The regulatory problem mentioned by these exchanges is a euphemism for the denial of instant retail payments services through the Unified...

A series of cyberattacks breached multiple Twitter accounts associated with the administrative and legislative bodies of India in the past few days. NFT-related content that promoted a project called “Azuki” was posted on the compromised accounts, making people speculate that the hackers were conducted by the same individuals or entities. The most recent victim came from the Twitter account owned by the Punjab unit of the Indian Congress – Punjab Congress. The breach rendered...

Since the new crypto tax came into effect on April 1, Indian digital asset exchanges have witnessed a sharp fall in transaction volumes. The final days of March also saw a panic selling.  Crypto Transactions Plummet in India Sharing volume graphs of four leading crypto exchanges, CoinDCX, BITBNS, ZEBPay, and WazirX, on April 3, a crypto industry insider tweeted, “Indian Exchanges saw Volume drop after New Crypto tax rules became applicable on April 1.” A news report...

On March 28, the Enforcement Directorate (ED) arrested a person, Abdul Gafoor, one of the accused in the Morris Coin fraud case that erupted on the India crypto scene in January 2022 and still remains one of the largest such frauds in the country. ED is the economic intelligence wing of the Ministry of Finance, and it tracks high-value economic crimes. It took over the case in 2021 after several previous ones were registered against Morris Coin and its kingpin Nishad K.  ...

The second-most populated nation will reportedly implement a regulatory framework on cryptocurrencies only after a global consensus on the matter. According to a person familiar with the matter, the Indian government does not plan a law soon to either restrict or promote dealing with digital assets. Crypto Regulation Needs Global Approach India is among the countries with the most controversial stance on the cryptocurrency industry. Over the past few years, the authorities...

The evasion of Goods and Services Tax (GST) by crypto exchanges was figured in the Indian Parliament on March 28. Minister of State for Finance Pankaj Chaudhary informed that 11 such digital asset platforms were fined for tax evasion in 2021-22.  Tax Evasion by Crypto Exchanges The total tax evasion by these companies amounted to Rs. 81.54 crore (appr. $1.08 million), and with a fine, the Central Goods and Services Tax (CGST) authority recovered Rs. 95.86 crore ($1.2 million)...

The lack of knowledge among common investors about cryptocurrencies and how to safely invest in them is resulting in a growing number of frauds. In a recent example, the Crime Investigation Department (CID) of Ahmedabad Police in India’s Gujarat province registered a case where the victim was duped of Indian Rupees (Rs.) 22 lakh (approximately $27,000). Details of the Case As per the First Information Report (FIR) lodged with the police, Harshad Patel was introduced by his...

Not long ago, it was reported that the Reserve Bank of India (RBI) was planning to not only regulate cryptocurrency, but it would also be unveiling a digital version of the rupee, the official currency for the nation. While nothing can be said about the regulation, it has been confirmed by the RBI that there are presently no plans to unleash a digital rupee. India Will Not Create a Digital Rupee After All The news was released by Minister of State for Finance Pankaj...

Lack of expertise in blockchain and digital currencies is making investigations into fraud cases not only tricky but also susceptible to new scams. In one such case, the police in Indian city Pune have arrested two persons who were hired to help the probe into a crypto fraud case registered in 2018. What is the Case? According to the Pune police, it hired Ravindra Patil and Pankaj Ghode to assist in the investigation of a fraud case involving digital currencies. Ravindra...