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India’s law enforcement confiscates $190m in crypto from BitConnect
ndian enforcement authorities have seized cryptocurrency worth $190 million (Rs 1,646 crore) in connection with a BitConnect investigation
As per the report by The Indian Express, the Enforcement Directorate (ED) in Ahmedabad — the law enforcement agency responsible for investigating economic crimes, and financial fraud — conducted searches across Gujarat on Feb. 11 and 15.
The ED also seized $16,300 (Rs 13,50,500) in cash, an SUV, and various digital devices.
The investigation falls under the Prevention of Money-Laundering Act (PMLA), following initial cases registered by Surat’s CID Crime Police Station.
#IndianCryptoTrends $BTC
#IndiaCrypto
India’s law enforcement confiscates $190m in crypto from BitConnect
ndian enforcement authorities have seized cryptocurrency worth $190 million (Rs 1,646 crore) in connection with a BitConnect investigation
As per the report by The Indian Express, the Enforcement Directorate (ED) in Ahmedabad — the law enforcement agency responsible for investigating economic crimes, and financial fraud — conducted searches across Gujarat on Feb. 11 and 15.
The ED also seized $16,300 (Rs 13,50,500) in cash, an SUV, and various digital devices.
The investigation falls under the Prevention of Money-Laundering Act (PMLA), following initial cases registered by Surat’s CID Crime Police Station.
#IndianCryptoTrends $BTC
#IndiaCrypto
India Seizes $198 Million in Crypto – One of the Largest Crypto Frauds Uncovered
Indian authorities have exposed a massive cryptocurrency fraud linked to the infamous Ponzi scheme Bitconnect. During the investigation, authorities seized digital assets worth $198 million, believed to be part of a fraudulent operation. How did this happen, and what does it mean for the crypto world?
Seized Cryptocurrencies and Luxury Assets
India’s Enforcement Directorate (ED) in Ahmedabad announced on February 15 that during multiple raids, it recovered cryptocurrencies worth ₹1,646 million (approximately $190 million). These operations took place on February 11 and February 15, in accordance with the Prevention of Money Laundering Act (PMLA) of 2002.
In addition to crypto assets, authorities also seized ₹13.5 million in cash, a luxury Lexus car, and multiple digital devices.
The investigation was launched based on First Information Reports (FIRs) filed by the Criminal Investigation Department (CID) in Surat.
Bitconnect – A Global Fraud and Fake Investment Promises
According to investigators, between November 2016 and January 2018, Bitconnect operated an illegal investment scheme called the "Lending Program," promising extraordinarily high returns. Fraudsters claimed that their system used a sophisticated AI trading bot to generate up to 40% monthly profits, averaging 1% per day or 3,700% annually.
The scheme attracted investors worldwide, including India, while Bitconnect’s founder built a network of promoters who earned commissions for bringing in new participants.
Where Did Investors’ Money Go?
Instead of investing the promised funds, the perpetrators redirected the money into their personal digital wallets. Indian authorities claim that they have tracked online wallets and digital devices containing these illicit funds.
Bitconnect collapsed in early 2018 after it was exposed as a Ponzi scheme.
Arrests, Trials, and Billions in Losses
The fraud did not escape U.S. authorities, who charged the founder and top promoters of Bitconnect with wire fraud and money laundering.
One of the key promoters, Glenn Arcaro, was sentenced to 38 months in prison and ordered to return over $17 million to defrauded investors. Bitconnect founder Satish Kumbhani was indicted in February 2022, but his current whereabouts remain unknown, and he is still evading justice.
The investigation into this $2.4 billion scam is ongoing, as authorities continue their efforts to recover lost funds and prosecute those responsible.
#Cryptoscam , #CryptoFraud , #CryptoNewss , #CyberSecurity , #IndiaCrypto
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Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Seized Cryptocurrencies and Luxury Assets
India’s Enforcement Directorate (ED) in Ahmedabad announced on February 15 that during multiple raids, it recovered cryptocurrencies worth ₹1,646 million (approximately $190 million). These operations took place on February 11 and February 15, in accordance with the Prevention of Money Laundering Act (PMLA) of 2002.
In addition to crypto assets, authorities also seized ₹13.5 million in cash, a luxury Lexus car, and multiple digital devices.
The investigation was launched based on First Information Reports (FIRs) filed by the Criminal Investigation Department (CID) in Surat.
Bitconnect – A Global Fraud and Fake Investment Promises
According to investigators, between November 2016 and January 2018, Bitconnect operated an illegal investment scheme called the "Lending Program," promising extraordinarily high returns. Fraudsters claimed that their system used a sophisticated AI trading bot to generate up to 40% monthly profits, averaging 1% per day or 3,700% annually.
The scheme attracted investors worldwide, including India, while Bitconnect’s founder built a network of promoters who earned commissions for bringing in new participants.
Where Did Investors’ Money Go?
Instead of investing the promised funds, the perpetrators redirected the money into their personal digital wallets. Indian authorities claim that they have tracked online wallets and digital devices containing these illicit funds.
Bitconnect collapsed in early 2018 after it was exposed as a Ponzi scheme.
Arrests, Trials, and Billions in Losses
The fraud did not escape U.S. authorities, who charged the founder and top promoters of Bitconnect with wire fraud and money laundering.
One of the key promoters, Glenn Arcaro, was sentenced to 38 months in prison and ordered to return over $17 million to defrauded investors. Bitconnect founder Satish Kumbhani was indicted in February 2022, but his current whereabouts remain unknown, and he is still evading justice.
The investigation into this $2.4 billion scam is ongoing, as authorities continue their efforts to recover lost funds and prosecute those responsible.
#Cryptoscam , #CryptoFraud , #CryptoNewss , #CyberSecurity , #IndiaCrypto
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
🚨 BIGGEST ₹22,500 CR Scam!
The BitConnect Ponzi scheme defrauded investors worldwide, and now ₹1,646 CR in crypto has been seized by Indian authorities.
Founder Satish Kumbhani & his associates tricked investors with fake returns.
The scam duped 4,000 investors across 95 countries, causing $2.4B in losses.
The BitConnect Ponzi scheme defrauded investors worldwide, and now ₹1,646 CR in crypto has been seized by Indian authorities.
Founder Satish Kumbhani & his associates tricked investors with fake returns.
The scam duped 4,000 investors across 95 countries, causing $2.4B in losses.
BREAKING 🚨🚨former U.S. President Donald Trump did make such statements regarding India's tariff policies, particularly during his tenure. India has historically had relatively high import tariffs on certain goods to protect domestic industries, especially in sectors like agriculture, automobiles, and electronics.
Trump frequently criticized these tariffs, arguing that U.S. companies faced difficulties exporting to India. In 2019, the U.S. revoked India’s preferential trade status under the Generalized System of Preferences (GSP), citing trade barriers. In response, India imposed retaliatory tariffs on certain U.S. goods.
While India's tariffs on some products are indeed higher compared to many other countries, the situation is more nuanced. India has also progressively lowered tariffs in several sectors over the years as part of its trade liberalization efforts.
So, while Trump’s statement had some basis, it was a broad generalization. Tariffs vary across industries, and India is not uniformly the highest-tariffed nation across all product categories.
#BNBRiseContinues #TRUMP #IndiaCrypto #TradingCommunity
Trump frequently criticized these tariffs, arguing that U.S. companies faced difficulties exporting to India. In 2019, the U.S. revoked India’s preferential trade status under the Generalized System of Preferences (GSP), citing trade barriers. In response, India imposed retaliatory tariffs on certain U.S. goods.
While India's tariffs on some products are indeed higher compared to many other countries, the situation is more nuanced. India has also progressively lowered tariffs in several sectors over the years as part of its trade liberalization efforts.
So, while Trump’s statement had some basis, it was a broad generalization. Tariffs vary across industries, and India is not uniformly the highest-tariffed nation across all product categories.
#BNBRiseContinues #TRUMP #IndiaCrypto #TradingCommunity
Crazy888:
How does this impact crypto? Isn’t crypto government free?
Could someone please confirm whether the free SHIB and PEPE campaign is available in India?
#BNBRiseContinues #pepe⚡ #SHBI #IndiaCrypto
#BNBRiseContinues #pepe⚡ #SHBI #IndiaCrypto
Central Banks Delay CBDC Plans Due to Regulatory Concerns
A recent survey indicates that 31% of central banks have postponed their Central Bank Digital Currency (CBDC) initiatives due to regulatory uncertainties. This delay highlights the challenges and considerations that financial institutions face in the evolving digital currency landscape
$BTC $BNB #IndiaCrypto
A recent survey indicates that 31% of central banks have postponed their Central Bank Digital Currency (CBDC) initiatives due to regulatory uncertainties. This delay highlights the challenges and considerations that financial institutions face in the evolving digital currency landscape
$BTC $BNB #IndiaCrypto
Great news as Russia and India Cut Dollar Use:
90% of Direct Transactions in National Currencies!
Russia and India have made significant strides in reducing their dependence on the US dollar, with nearly 90% of direct transactions now conducted in their national currencies. This shift is part of a broader effort to promote economic cooperation and reduce the impact of US sanctions on their trade .
The move is also driven by the accumulation of rupees in Russian banks, which has resulted from India paying for Russian imports in its local currency. To address this, India and Russia are exploring a dynamic rupee-rouble exchange rate, which would facilitate trade settlements and reduce reliance on the dollar .
Additionally, the two countries are discussing the mutual recognition of Russia's Mir and India's RuPay payment systems, which would further enhance financial integration and simplify trade transactions .
This development is not only significant for Russia and India but also reflects a broader global trend towards dedollarization, with countries seeking to reduce their dependence on the US dollar in international trade.f#russia #IndiaCrypto
90% of Direct Transactions in National Currencies!
Russia and India have made significant strides in reducing their dependence on the US dollar, with nearly 90% of direct transactions now conducted in their national currencies. This shift is part of a broader effort to promote economic cooperation and reduce the impact of US sanctions on their trade .
The move is also driven by the accumulation of rupees in Russian banks, which has resulted from India paying for Russian imports in its local currency. To address this, India and Russia are exploring a dynamic rupee-rouble exchange rate, which would facilitate trade settlements and reduce reliance on the dollar .
Additionally, the two countries are discussing the mutual recognition of Russia's Mir and India's RuPay payment systems, which would further enhance financial integration and simplify trade transactions .
This development is not only significant for Russia and India but also reflects a broader global trend towards dedollarization, with countries seeking to reduce their dependence on the US dollar in international trade.f#russia #IndiaCrypto
André ns:
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See original
India is reassessing its tariff levels.
This move comes just ahead of Prime Minister Narendra Modi's two-day visit to the US, starting next Wednesday. According to Reuters, India is considering reducing tariffs on key items such as medical equipment, electronics, chemicals, along with several other products that the country imports in large quantities from the US. Previously, the US President criticized India as a country that 'abuses' trade with the US.
#trump #IndiaCrypto
This move comes just ahead of Prime Minister Narendra Modi's two-day visit to the US, starting next Wednesday. According to Reuters, India is considering reducing tariffs on key items such as medical equipment, electronics, chemicals, along with several other products that the country imports in large quantities from the US. Previously, the US President criticized India as a country that 'abuses' trade with the US.
#trump #IndiaCrypto
See original
** "Congratulations to the Banaras (Uttar Pradesh) Pioneers for standing up and demonstrating unity on the ground in India! Your dedication and commitment to the#GCVmovement is truly inspiring. Let us continue to encourage others to join and strengthen this movement together. #IndiaCrypto
🚨🇮🇳 : Bybit officially registers with India’s financial regulator, settles fines, and is on track to secure a full operations license in the coming weeks!
#IndiaCrypto
#IndiaCrypto
By bit has officially registered with India's financial regulator and paid a monetary fine as part of the process.
The exchange is now expected to receive its full operations license in the coming weeks, which will allow it to continue expanding its presence in the Indian market.
$BTC
#IndiaCrypto #news #BABYBONK #cryptouniverseofficial #CryptoUpdate🚀🔥
The exchange is now expected to receive its full operations license in the coming weeks, which will allow it to continue expanding its presence in the Indian market.
$BTC
#IndiaCrypto #news #BABYBONK #cryptouniverseofficial #CryptoUpdate🚀🔥
By bit has officially registered with India's financial regulator and paid a monetary fine as part of the process. The exchange is now expected to receive its full operations license in the coming weeks, which will allow it to continue expanding its presence in the Indian market.#IndiaCrypto #news #BABYBONK #cryptouniverseofficial #CryptoUpdate🚀🔥
BYBIT has Officially Registered with INDIA'S Financial regulator and paid a monetary fine as part of the process. The exchange is now expected to receive its full operations license in the coming weeks, #IndiaCrypto #newsdaily #BABYBONK #cryptouniverseofficial #CryptoUpdate🚀🔥
DO Follow For More Update
DO Follow For More Update
GOOD NEWS
88%
BAD NEWS
12%
8 votes • Voting closed
🚨🇮🇳🚨: 1/ India lost out on Rs 6,000 Cr of tax by driving crypto investors to foreign platforms
1/ India lost out on Rs 6,000 Cr of tax by driving crypto investors to foreign platforms according to @esyacentre's recent report. In the next 5 years, the government could lose an additional Rs 17,700 Cr in tax revenue. 🇮🇳🇮🇳 #IndiaCryptoDreams #IndiaCrypto #IndiaBudget #BinanceAlphaAlert #GrayscaleHorizenTrust $BNB
$XRP
$XRP
INDIA TO LEAD CRYPTO REGULATION BY 2025 SAYS BINANCE!
India is poised to take the lead in global cryptocurrency regulation by 2025, according to Binance. This optimistic outlook is driven by India's progressive efforts to create frameworks that build trust, boost innovation, and expand blockchain use.
The country has been actively working on regulating the cryptocurrency market, with new rules being implemented for Binance transactions.
For instance, users are now required to provide additional information, such as sender and recipient details, for deposits and withdrawals exceeding a specified limit.
These regulations demonstrate India's commitment to creating a clear framework for cryptocurrencies, recognizing both the risks and potential benefits of blockchain technology.
As India continues to shape its regulatory environment, it's likely to have a significant impact on the global cryptocurrency market.#IndiaCrypto
India is poised to take the lead in global cryptocurrency regulation by 2025, according to Binance. This optimistic outlook is driven by India's progressive efforts to create frameworks that build trust, boost innovation, and expand blockchain use.
The country has been actively working on regulating the cryptocurrency market, with new rules being implemented for Binance transactions.
For instance, users are now required to provide additional information, such as sender and recipient details, for deposits and withdrawals exceeding a specified limit.
These regulations demonstrate India's commitment to creating a clear framework for cryptocurrencies, recognizing both the risks and potential benefits of blockchain technology.
As India continues to shape its regulatory environment, it's likely to have a significant impact on the global cryptocurrency market.#IndiaCrypto
BINANCE App and URL Now Accessible In Indian User's ..!!! Time to Raid
#india #indiacrypto #cryptocurrencyindia #binanceindia
#india #indiacrypto #cryptocurrencyindia #binanceindia
Analysis of $ME Position
Entry Point:
The strategic entry point for$ME is established at $2.612.
Target:
Setting an ambitious target, we aim for a price of $3.000 for maximum potential gain.
Stop Loss:
To mitigate risks, a stop loss is positioned at $2.400, protecting against significant downturns.
Risk-Reward Ratio:
The risk-reward ratio for this trade is calculated as follows:
Risk: $2.612 - $2.400 = $0.212
Reward: $3.000 - $2.612 = $0.388
Risk-Reward Ratio Calculation:
Ratio = Reward/Risk = $0.388 / $0.212 ≈ 1.83:1
Summary and Market Context:
$ME has displayed volatile price action recently, demonstrating potential for growth supported by bullish sentiment in the crypto market.
Investors should closely monitor market trends to maximize opportunities with ME.
As the trading environment evolves, maintaining adaptability in strategy will be crucial to seizing profits.
Disclaimer:
This is my personal analysis, not financial advice. All investments involve risks, including the potential loss of principal. Past performance is not indicative of future results. Always do your own research, assess your risk tolerance, and consult a financial advisor before making any decisions. Trade responsibly.
#OnChainLendingTrend
#InvestmentAccessibility
#INNOVATION
#InvestSmart
#IndiaCrypto
Entry Point:
The strategic entry point for$ME is established at $2.612.
Target:
Setting an ambitious target, we aim for a price of $3.000 for maximum potential gain.
Stop Loss:
To mitigate risks, a stop loss is positioned at $2.400, protecting against significant downturns.
Risk-Reward Ratio:
The risk-reward ratio for this trade is calculated as follows:
Risk: $2.612 - $2.400 = $0.212
Reward: $3.000 - $2.612 = $0.388
Risk-Reward Ratio Calculation:
Ratio = Reward/Risk = $0.388 / $0.212 ≈ 1.83:1
Summary and Market Context:
$ME has displayed volatile price action recently, demonstrating potential for growth supported by bullish sentiment in the crypto market.
Investors should closely monitor market trends to maximize opportunities with ME.
As the trading environment evolves, maintaining adaptability in strategy will be crucial to seizing profits.
Disclaimer:
This is my personal analysis, not financial advice. All investments involve risks, including the potential loss of principal. Past performance is not indicative of future results. Always do your own research, assess your risk tolerance, and consult a financial advisor before making any decisions. Trade responsibly.
#OnChainLendingTrend
#InvestmentAccessibility
#INNOVATION
#InvestSmart
#IndiaCrypto