India’s ruling party accused of major Bitcoin scam

India’s ruling Bharatiya Janta Party (BJP) has been accused of a Bitcoin scam equivalent to $726 million (£548 million), according to various local media outlets.

The accusation was lodged by the country’s largest political party, the Indian National Congress (INC) and came to light as an official ban against cryptocurrency exchanges was ushered in, ordering banks to shut down all crypto-related accounts.

INC spokesperson Shatikisinh Gohil says the Gujarat state leadership of the BJP converted illicit money to Bitcoin by means of a so-called ‘hawala’ transaction, a method of moving money without any funds actually being transferred.

Gohil adds that a formal complaint has been presented to local police, who, he says, have not taken any action because they are under political pressurre. “We demand an impartial Supreme Court-monitored judicial investigation in this maze of ‘Mega Bitcoin Scam’ so that the truth comes out,” Gohil says.

The INC notes that this is related to a person identified as Shailesh Bhatt, who has reportedly been involved in two previous incidents. Last month, a host of popular Bollywood stars and a businessperson were arrested in connection with a $300 million (£226.56 million) fraud.

The Gujarat Pradesh Congress Committee recently tweeted that the government had refused to investigate in order to “protect themselves.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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