$BTC $BNB Tax raids on Jaipur wedding planners reveal Crypto use, Rs 20 cr in cash & jewels seized

Looking for hidden cash trails in the books of large wedding planners in Jaipur, the tax men have stumbled upon something they least expected: Cryptos.Some of the organisers of these extravagant marriages appear to be regular users of cryptocurrencies— primarily converting the cash received from clients into cryptos, and perhaps occasionally even carrying out some of the transactions with the virtual digital assets.

More than Rs 20 crore worth of cash and jewellery have been seized and three crypto wallets have been frozen during the raids conducted last week on around 20 premises. In the course of the search operations, Income Tax (I-T) officials spotted the mention of more crypto accounts in WhatsApp chats.Searches Likely in Other Cities

“This is the first time the department has come across undisclosed cryptocurrency accounts during a search in Rajasthan,” the person said.One of the crypto wallets is with a leading international exchange while the other two are with local platforms. According to a source, unreported cash can be swapped into popular cryptos like USDT (or Stablecoin) and Bitcoin by using the services of hawala operators in Gujarat and Rajasthan. USDT, also known as digital dollar, is backed by reserves of the US currency, while Bitcoin (or BTC) is the most liquid crypto that is at the forefront of the latest crypto bull run.The same way rupees accepted here can be exchanged for dollars abroad through the hawala network, USDT or BTC can be credited to a private wallet against cash INR received here by the hawala boys. Transferring crypto from a private wallet to your wallet with an overseas exchange is no big deal,” said an industry person.$BTC #XmasCryptoMiracles #Crypto2025Trends #BinanceLaunchpoolBIO #Crypto2025Trends #BinanceLabsBacksUsual