Ahmedabad: Crime Branch arrests former BJP MLA Nalin Kotadiya in Bitcoin extortion case
India | September 09, 2018 15:37 ISTHe is also facing a case of allegedly extorting money from a builder.
He is also facing a case of allegedly extorting money from a builder.
Additional sessions judge P G Tamakuwala declared Kotadiya a "proclaimed offender" (absconder) under section 82 of the Code of Criminal Procedure (CrPC ).
South Korea has seen a craze over bitcoin and other cryptocurrencies, prompting authorities to try to rein in speculative investment this year by tightening regulations.
Cops also conducted raid at the official premises of the accused and seized 56 laptops, cell phones and fake documents along with cryptocurrency coins.
It may be recalled that Finance Minister (FM) Arun Jaitley in February said that all crypto currencies, which include bitcoins, are illegal and the government will take all measures to eliminate their use.
The apex court, which was hearing pleas seeking direction to the Centre to take emergent steps to restrain the sale and purchase of illegal cryptocurrencies or virtual currency like Bitcoins.
Two men who defrauded thousands of people of several crores of rupees using cryptocurrency were arrested by Cyber Cell of Delhi Police.
In January, the prices of cryptocurrency were nearing $20,000, but its value dropped to as low as $5,921 on Tuesday.
As per reports, these purchases will no longer qualify for earning credit card points as well.
Finance Minister Arun Jaitley, in his Budget speech yesterday, had said that all types of crypto currencies, including bitcoins, are illegal and the government will take all measures to eliminate their use.
"Cryptocurrencies are not legal tender and the government discourages its use. However, the government will look at the utilisation of Blockchain (a distributed digital technology that supports crypto currencies)," Jaitley said.
In an era of major data leaks like Panama papers (2016) and Paradise papers (2017), India's high net worth individuals (HNIs) have been flooded with new options to hide their money away from prying eyes of the general public.
The Coincheck exchange said on its website that it had halted sales and withdrawals of a cryptocurrency called NEM.
Sigal Mandelker, the Treasury undersecretary for terrorism and financial intelligence, said Friday that more needs to be done to prevent money laundering and other criminal activities using such transactions.
Accordingly, the institute has formed a panel to work on it and is expected to submit its report by end of March.
Bitcoin was valued at an average price of 1,394 million yen ($12,562) in Japanese exchange houses at 3.20 p.m. (local time) on Wednesday, and 13,513 million won ($12,628) in South Korea, according to the CryptoCompare website.
While a repeated message was being given that such currencies were not legal tender, more detailed steps would be taken once the report of the committee is submitted, he said.
Bitcoins or such crypto-currencies are not legal tender and those indulging in such transactions are doing it at their own risk, Finance Minister Arun Jaitley said today.
Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes, the Finance Ministry said in a statement.
At a press conference here, Pluto Exchange founder and Chief Executive Bharat Verma said his company is all set to launch the country's first app-based wallet that enables bitcoin transactions using a mobile number.
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