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Is The Bitcoin BTC Scam In India?

Is the Bitcoin BTC scam in India

India has made headlines in the world due to disputes over scams produced about Bitcoin. Anurag Thakur India’s finance minister is investigating various Cryptocurrency companies. This is because many scams have occurred in recent years in the Cryptocurrency environment.

Bitcoin is one of the strongest currencies in the world, reaching historical values ​​ and producing the expansion of commercialization. The purpose of this minister is to end the ghost companies that seek to scam through Bitcoin. Financial crimes produced in this country have led governments to take certain preventive measures in this sector.

A short time ago, buyers successfully capture of two crypto scammers operating in India. After Cryptocurrencies are a way to support money in India, several scams have emerged in this environment. Jaipur recently filed two arrests triggered by Bitcoin-related scams; these scammers made sales promises and fled with the money.

All this was under a meticulous study that allowed them to find these two scammers placing them in prison. These people ran a website where they traded Bitcoin by tricking people into giving them money in exchange. Thanks to the collaboration of a whistleblower, it has been possible to put people in prison again for criminal purposes.

India has been a victim of attacks through Cryptocurrencies for some time, especially through Bitcoin trading. After lifting the measures that prohibited the sale of Cryptocurrencies in the country, it seems that the scammers begin to return. Only during the year 2017 and early 2018 did significant losses arise due to crypto scammers.

Review of the Latest Arrest Produced in India Related to Bitcoin Scams

bitcoin in India

Just a couple of months ago, police arrested ManojPetel and AvikaMishra who swindling with common tactics. Right now, people are using technology to cheat with Bitcoin commercialization. It is a pity that Bitcoin being such a secure Cryptocurrency lends its name so that people comment on a crime.

All people who want to invest in a digital platform must first study the sources to avoid these crypto scams. All these two citizens were offering were Bitcoin investments generating returns on investments that are highly infeasible. However, many people still believe in these types of scams and end up being participants in fraudulent businesses losing money.

Thanks to the complaint, they managed to close the website and delete one more account for fraudulent purposes produced in India. Many people probably lost their money on the two scammers’ websites. The Police arrested these two citizens before they were fleeing the country.

Many arrests have occurred in the past few days in different nations surrounding the Bitcoin Cryptocurrency. This can affect the reputation of the currency, creating a false expectation of the securities of it. Investors must remain vigilant before falling into the traps of this class of people without any morals.

History of Bitcoin Scams Made in India

Bitcoin scammers have been the protagonists of many tragedies and have tried to flee with foreign money. Many people put their family’s finances at risk by investing in pages that later turn out to be complete scams.

Abdul Shakoor is one of the best-known scam stories in India who left behind a loss of 6000 Bitcoin. Their value in local money is $ 62 million, which is quite a high figure. This money was lost because this man was killed in a Pandilkkad hospital by his partners.

This scene shows that it is very serious about trying to deceive people and get out of the situation well.

The five men who threw Abdul Shakoor were partners in his financial dealings

Abdul Shakoor’s 5 financial partners were the ones who threw him, and when they were disappointed, they murdered him. These people beat the swindler to death and then threw the body, but were still detained.

Thanks to the intelligence of the now-deceased Abdul Shakoor, he would have defrauded at least 425 crores. Many people close to this person placed their savings there due to trust losing all their money. After scamming, he ran away with one of his partners, and then other people joined the scam.

This person’s death occurred after he claimed to have lost the key to access the scammed Bitcoin. The partners outraged by this situation began to torture him to death. However, money seems to have been lost. After physical abuse, these people transferred to Shakoor Hospital, who, being examined, was declared dead by doctors.

After moving him back to another hospital, the attackers fled the scene leaving the vehicle of the deceased in the hospital. Police capture Shakoor’s attackers and they faces a trial for scam many people with Cryptocurrencies.

Why India uses Bitcoin as a Solution to its Economic Problems

Bitcoin is an alternative currency that is not subject to the economies of the countries, which is a great benefit. Recently the supreme court lifting the prohibitions to trade with Cryptocurrencies within its territory, seeing this as an economic alternative.

This sets aside all the negative comments that showed Bitcoin as a source of criminal scam. While people need to be careful about the investments, Bitcoin makes it is an efficient way to invest. Cryptocurrency technology is more secure than other decentralized money issuing entities.

Undoubtedly, the transparent way in which Cryptocurrencies operate will make Bitcoin grow within India. The world is going through difficult times during 2020, and for India investing in Cryptocurrencies may be the only way to protect themselves. No matter the scam problems of the past, people can now use Cryptocurrency trading more cautiously.

Importance of bitcoin in India

In statistical figures, India has been an important refuge for Bitcoin, which gives positive allegations of its price. A lot of news shows as positive the interest that India has shown in the commercialization of Bitcoin currently to save her investments. Although the entire world seems to be walking to different investment sites, India is taking positive steps in trading Bitcoin.

Bitcoin has lost several hundred dollars in value over the past few days in world positions due to demand. However, this does not seem to matter to the Indian population who are taking crypto investment initiatives. If people consistently use Bitcoin in India, it could experience unprecedented economic growth by regaining good economic positions.

The government will lift bans on banks in this country, allowing Bitcoin to trade more easily. In order of surveys of ten people, 7 evaluate the use of Bitcoin within the Indian territory as positive.

Conclusions

India has been hit on many occasions due to Bitcoin-related scams by people from the underworld. Because of this, the government would have banned crypto trading. Time has passed, and these sanctions have been recently lifted again, allowing trading with Bitcoin.

People must leave behind the negative past and follow their future by making investments that can help to emerge. Thanks to the experience that India has had with scammers, you will be more careful when making future investments. Searching for reliable sites is the only way to use Bitcoin under the security offered by this constantly growing Cryptocurrency.

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