12.12.2017 Thief steals and the world grieves

In India a fraudulent scheme in the cryptocurrency environment was suppressed. Thus, the rapid reaction force Uttar Pradesh (STF) arrested the initiator of the criminal organization Mohd Azhad in Lucknow.

Through fake accounts on cryptocurrencies` exchanges scammers negotiated with potential buyers of bitcoins on transactions, clients were required to make a bank transfer of fiats to accounts, as it was later revealed, opened with fake documents. In order to win trust, they made operations with small amounts, but when it came to big transactions, buyers didn`t receive their bitcoins. The scheme was revealed after a statement about suspicious activity in the STF of an entrepreneur Pankaj Garg.

This story can play a cruel joke with the further fate of cryptocurrency in India, as the Reserve Bank of India (RBI) has repeatedly expressed its concerns about its use. Whether this episode will be the impetus to tighten the laws regulating digital currencies in India is not known yet.

Recall that, for example, China has taken the path to a complete ban on ICO and shut down all the country’s cryptocurrencies` exchanges. RBI still take a quite common position that each market participant conducts all operations at his own risk.