India Forms Special Investigative Team (SIT) To Fight Crypto Scam Cases

The Indian state of Maharashtra has recently decided to create a special unit of investigators to investigate scams related to Bitcoin and other cryptocurrencies. As these scams are on the rise in the country, the government decided that something had to be done.

The new unit will be taking over all the related cases to cryptos inside the state that are currently being handled by several police departments of different organizations. The Minister Deepak Vasant Kesarkar, which is a member of the 13th Maharashtra Legislative Assembly, has recently released a public statement on the team.

According to him, the new team will be formed to focus solely on Bitcoin scams and will be headed by a high rank officer of the police. In a timeframe of three months, the team would have investigated all the companies involved in scams in the region.

Another decision of the government was to conduct an inquiry using a panel headed by Prabhat Kumar, which is the general director of the Economic Offence sector. The panel will be used to probe for scams.

Recent Fraud Cases Using Cryptos

Just last week, the Indian Congress party has claimed that some of the most important leaders at the BJP party are involved in Bitcoin scams in Gujarat. According to a spokesperson of the congress, there are reports of state police blackmailing businessmen in Surat and a former BJP legislator might be involved as one of the leaders of the operation.

This week, several officers were arrested in connection with a Bitcoin extortion case that happened in June. They were part of a plot that abducted two prominent entrepreneurs and made them hand over 200 BTC.

This new decision by the government comes just a few days after the ban on crypto banking has been officially declared by the Reserve Bank of India.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide