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The case of the Bitcoin scam in India

In recent years, we have seen many unauthorized companies increase their money by offering high interest on investment, doubling or tripling the interest rate of public banks or post offices. And the whole process was happening without government rules or regulations. So when the government is notified of these incidents, it takes legal action against those companies that are not authorized to conduct illegal business activities. As a result, fraudulent companies were scaled down for fear of arrest by police officers.

But the same kind of illegal activity is increasing today with the help of Bitcoins. If you buy it today, the fruit is much more than an investment. This type of marketing technique is used in Bitcoins, which was the first cryptocurrency currency in the internet world.

Since the last few years, various businessmen and individuals from different states of India have reported numerous cases of Bitcoin fraud.

Bitcoin is a cryptocurrency that is physically transmitted even though the Internet has no physical presence. The entire process of transferring money in Bitcoins is carried out following blockchain technology. Therefore, it is difficult to determine who uses Bitcoins. Bitcoin is used for many illegal purposes, including human trafficking, the buying and selling of drugs, and many other terrorist activities. India's Finance Minister Shri Aaron Jaitley announced in the 2018 budget a ban on cryptocurrencies like Bitcoin.

According to the report of an internet expert, to buy and sell bitcoins, you need a user ID and password. However, there is no buyer or seller data available on the internet. Therefore, the law cannot take the necessary action against any particular buyer or seller. Also, since the Bitcoin exchange uses secure technology, Bitcoins cannot be stolen either.

A West Bengal businessman named Samir Malhotra reported a 15,000 rupee fraud to invest in bitcoins. He also said that, in 2016, he met with a software engineer and asked the engineer about investing in bitcoins. Later, he contacted Samer via video call with a foreigner claiming to be a participating member of the international bitcoin exchange. The foreigner is also confidently approaching Sameer to invest in Bitcoin to double the money. On his advice, Sameer offered the software engineer 15 rupees without any receipt or proof. When Samir started learning about the Bitcoin ban in many countries, he asked them to return the money. But he did not get the money back from him. So as a last resort, report this to your local police station.

According to a report by Cyber ​​Lawer in West Bengal, Bitcoin is not subject to any government or organization. Some people use sophisticated technologies to introduce Bitcoins to the online world. Therefore, it is not possible to know who is processing it, who is buying it or where bitcoins are being transferred from one person to another.