Indian Ruling Party Allegedly Part of a Bitcoin Scam

Jul 8, 2018 at 09:51 Update Date :Jul 8, 2018 at 09:51 UTC

Bhartiya Janta Party (BJP), the ruling party in India has been accused of being involved in a Bitcoin Scam of ₹50 billion ($763 million) by the party in opposition, Indian National Congress (INC).

The Congress Party demanded setting up of an unbiased judicial probe by the Supreme Court regarding the alleged multi-crore bitcoin scam.

Congress spokesperson, Shaktisinh Gohil called it a “multi-layered” scam and estimated the hoax to be worth over ₹88,000 crore ($12 billion).

Gohil said, “A new mega bitcoin scam has been unravelled in Gujarat. The finger of suspicion of this massive scam of illegal cryptocurrency directly points to several top Bharatiya Janata Party leaders and a mastermind — an absconding BJP leader and former MLA Nalin Kotadiya.”

The Congress spokesperson accused the party of converting the black money to cryptocurrency. He claimed that everything in sight is just the tip of the iceberg, with millions of dollars turning up in bank accounts somehow linked with Gujarat BJP leaders.

The fraud surfaced when Shailesh Bhatt, a real estate builder based in Surat, Gujarat was abducted. Bhatt reportedly had a share of 200 BTC in the notorious Ponzi scheme of Bitconnect. A deeper investigation in the case brought to light the involvement of the police in the extortion of bitcoins from the Surat builder. As a result, state police officials including Superintendent of Police Jagdish Patel were arrested.

However, Jagdish Patel’s connection with Nalin Kotadiya was a shocking disclosure in the case. Kotadiya is a Gujarat BJP legislator and his association with the case does question the rest of the party leaders’. INC has allegedly said that the MLA, who is currently absconding, has threatened to expose all BJP leaders involved in the scam if he’s arrested.

BJP, nonetheless, denied all the accusations and called the allegations, an attempt by the opposition’s “dirty tricks department” to spread confusion and lies.” The spokesperson of the party in power, Anil Baluni was quoted as saying, “The Congress were laughable and nothing can be more unfortunate than this as it is the state police which has cracked the case and acted against several persons.”

Cryptocurrency sure has been making headlines in the country, but definitely not for the right reasons. The huge number of scams happening in India might be the reason why the regulators are hesitant about making the cryptocurrency legal tender.

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