RATE Group | How to Lose $3 Billion of Bitcoin in India
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How to Lose $3 Billion of Bitcoin in India

10 Aug How to Lose $3 Billion of Bitcoin in India

Posted at 09:57h in Bitcoin News by

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Accusations of tax evasion and police corruption, a kidnapper who was kidnapped, a fugitive politician, and billions in bitcoin lost. This is crypto-trading Gujarat-style.

The ingredients are part of an investigation in Indian Prime Minister Narendra Modi’s home state into allegations that investors poured cash into a bitcoin-based Ponzi scheme that could exceed the country’s largest banking scandal. The fallout extends as far as Texas and has embroiled a former lawmaker, tarnishing Modi’s ruling party months before an election.

Gujarat’s Surat, formerly a large seaport and now a center for diamonds, is at the heart of the scandal.

Photographer:Karen Dias/Bloomberg

It began in February, when property developer Shailesh Bhatt charged into the Home Minister’s office in Modi’s home state of Gujarat, claiming he had been kidnapped by a group of policemen and told to pay 200 bitcoin, worth some $1.8 million at the…

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