India’s State Funds Frozen In Bitcoin Scam Account

India’s state funds are locked in an account of a convicted Bitcoin scammer in the State Bank of India and they seem to have fallen victims to their own crypto regulations as reported in the latest bitcoin scam news.

The authorities have hired a local trading venue to take care of the $1.1 million exchanged in Bitcoin for the Indian National Rupee. However, the account used by the exchange was later frozen because of the regulations in the country and as such the money cannot be transferred any longer. According to the reports in the Times of India, more than the $1.1 million in local currency was seized by the Indian cyber crime department from the fraudulent investment platform GainBitcoin. The investigators tasked the local crypto trading venue Koinex to do the job of exchanging the Bitcoin to the Indian Rupees.
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However, India’s state funds are now stuck in the Pune branch of the State Bank and the bank account of the company that owns Koinex has now been frozen in accordance with the circular that was issued in 2018. This circular prohibits financial institutions from transacting the cryptocurrencies. Many of the companies have not petitioned the Supreme Court over the validity of the regulation but the circular still remains in effect.

The report explains that the Pune police force has looked for a court directive in order to have the account unfrozen. Many of the representatives even requested that the regulators at the Reserve Bank of India allow the transfer of the funds. GainBitcoin was obviously a Ponzi scheme which was operated by Amit Bhardwaj throughout 2018 and he was also the founder of Amaze Mining and Research Limited who was arrested by Pune City cyber unit in April 2018. Some of the arrested included the Bhardwaj’s brothers and the scheme was thought to have defrauded the victims of more than $300 million. Following the arrests, the authorities were able to seize up to 244 BTC which were associated with GainBitcoin but thanks to the Reserve Bank of India the funds are now in Limbo as reported here on DC Forecasts for the latest cryptocurrency news.