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Earlier this week, the Reserve Bank of India released a public advisory warning the general public of the perils of getting involved with bitcoin. That has seemed to have instilled fear at some Indian bitcoin exchanges, which have since suspended trading operations.
DNA India is reporting that the country’s Enforcement Directorate (ED) reportedly raided a property in Ahmedabad belonging to Mahim Gupta. Gupta’s operation was said to be the website buysellbitco.in.
“We have found that through the website 400 persons have recorded 1,000 transactions that amount to a few crores of rupees. We are gathering the data of the transactions, name of the people who have transacted in the virtual currency from Gupta’s server that is hired in the US. At present, we believe that this is a violation of foreign exchange regulations of the country. If we are able to establish money laundering aspect then he can be arrested,” said an ED official.
The DNA report indicates that another raid was conducted in another part of the same city, but the target was nowhere to be found, and the property has reportedly been sealed in the mean time.
The issue here is not bitcoin itself, but the prevention of money laundering and enforcing preventative money laundering legislation in the country.
For some enthusiasts, it was looking like India may have been the next great adopter of the digital currency, but with news stories of this nature, these are perhaps things to reconsider. (via DNA India)
