Bitcoin fraud: How investors lost Rs 22,000 crore

Ahmedabad: It was a great deal - earn 1% daily interest and double your money in 100 days. Very good to be true, in the crowd of rich investors

Gujarat

After one year, it was realized that after the pocket of about 22,000 crore rupees in Bitcoin, the screwdriver platform increased. For many people, it was a double whammy after the shock of demonetisation. Actually,

Bitcoin

The fad started in the state as people were exploring safe ways to overthrow a pile of black money after November 2016.

"Transactions were unknown, no proof was required and best, it could be operated from anywhere in the world," said Saty Vaghela, CTO, Ahmedabad-based IT firm, told TOI, "Cryptocurrency boom started overnight." Surat Many equity brokers became the center of trade with those who added different cryptocracies for maximum profit. Bloomberg also said that during that period A. Most of the amount of money Google search went to the state, and were willing to pay 25% more for the Bitcoin.



During 2017, Bitcoin did nothing else. The price of a bitcoin has reached 900 dollars to $ 20,000. It should be a property. If you were greedy, then you had to invest in it. While the demand alone was increasing the price of Bitcoin, there was also a proposal that made it more attractive. Bitconnect, a similar sound but unrelated cryptocurrency platform, offers bidchayans to pay 1% daily interest, and if they take other owners on board then more.

Investors gave credit to Bitcoin to Bitcunnect, which issued their Token Currency, called BCC, and also paid all major and interest payments in the BCC. It was a classic Ponzi plan, and the fact is that they were signing their precious bitcoin, they should have been a dangerous investor. Many experts were calling the Bit-Connect from the beginning, but with the return so high, investors tightened their eyes tightly.

The scheme of bitcount was simple. There was a certain number of BCC coins in it. Their value increased with demand Its sky-high interest rate is increasing demand, so the price is increasing up to the security boards

Texas

And North Carolina ordered the ban in January. "Investors were happy with meaningful benefits. An investigator working on this matter said," The coins purchased for $ 50-100 have increased by $ 362 per year. "

But when the bubble burst on January 16 this year, the BCC crashed over $ 2 a night, and now it does business with less than half a dollar. Bitcancact immediately paid the investors in the useless BCC, and moved away from their bitcoins. Overall, bitcount has closed more money

Nirvana Modi

, But the police have not received many complaints, probably because many investors used black money to buy bitcoin. CID (crime) DGP Ashish Bhatia said, "So far, we have received complaints for fraud of 1.14 crore rupees."

But some influential investors have tried to squeeze their money in illegal ways. In March, Surat Realtor Shailesh Bhatt complained that he was abducted by some policemen and transferred 176 bitcouine with his digital wallet. Nearly a dozen police were arrested in connection with the conspiracy till July, and the name of former BJP legislator Nalin Quotada was also increased in the investigation.

Later, it was alleged that Bhatt had abducted Bitconnect Promoter, Dhawal Mavani and his employee Piyush Sawaliya, for removing 2,256 bitcouine himself. One of Bhatt's alleged partners in the crime, Kirit Paldi, then repeated to get him more from his fair share of cryptrocrasion ransom.