Bitcoin (BTC) Involved In A Money Laundering Scandal In India

India’s National Congress Party, chaired by Rahul Gandhi, asked the Supreme Court to investigate the leadership of the Indian People’s Party (Bharatiya Janata Party, BJP) for the alleged involvement of the opposition party in a nearly $1 billion “mega scam,” covered with Bitcoin (BTC).

According to the Indian daily HindustanTimes, the National Congress Party’s (INC) accusation against the BJP is to use the bank accounts of various party members to launder money through the use of Bitcoin (BTC). INC spokesman Shaktinh Gohil said the Bitcoins were used to clean up 5,000 crores, a unit equivalent to ten million rupees.

That’s approximately $727 million. However, other members of the party came up with figures reaching 88,000 crores.

Gohil established that the illegal activities involving Bitcoin (BTC) occurred in the western state of Gujurat

He added that “the leadership of BPJ” participated in the conversion of “black money” using an account at the Ahmedabad District Banking Cooperative, headed by BJP chief Amit Shah. The bank office would’ve received an initial share of the money, which then was diverted to 11 accounts belonging to party leaders as well.

It is not clear from Gohil’s statements how they obtained the alleged funds from the alleged scam. However, he clarifies that the Bitcoin (BTC) was the mechanism they implemented to clean up their dirty funds and turn them into legal assets. He also argued that India’s largest party, the INC, is appealing to public justice to make “the truth come out.”

In this regard, India’s People’s Party denied the accusations, claiming that they are “dirty tricks” of the Congress Party, which are trying to spread confusion among the citizens of India.

India’s crypto regulatory bodies conflict with cryptocurrencies market and cryptocurrency exchanges

This accusation comes after a period of tensions between the cryptocurrencies market and the crypto regulatory authorities in India, which have had conflicting positions with cryptocurrency exchanges crypto-related businesses.

It should be recalled that since last April, the Indian Banking Authority, the Reserve Bank of India (RBI) explicitly prohibited all companies regulated under banking and financial standards from providing services to the cryptocurrencies market. A decision that came after multiple warnings to citizens by the authorities, as well as cases of fraud linked to cryptocurrency.

Jackson Bey

Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.

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