Crypto Ban Could Reduce Dark Web Drug Purchase: The local police have held an Indian youth from Kerala after they have come to know of this man who purchased drugs on the dark web against Bitcoin. A news portal has reported that the Narcotics Control Bureau (NCB) had convicted a 24-year-old man named K Rahman who had purchased ecstasy worth $27,000 for Bitcoins from the dark web.
India Faces Growing Crypto Crime Issues
The report states that Rahman had bought the drugs from Frankfurt at the end of the previous month. He had a plan of receiving the package of drugs at the Foreign Post Office in Chamarajpet. But unfortunately, the narcotics investigators had intercepted the shipment.
Following a thorough search, the cops have found out that the drug bag contained 750 pills coloured grey and brown. The Narcotics Control Bureau’s zonal director, Amit Ghawate has led an investigation for three weeks into revealing the identity of the recipient of the parcel. That is when the investigators have found about Rahman.
An investigating officer added, “Rahman had, on previous occasions, ordered the drugs and received them at the city’s FPO before selling them at parties and among youngsters, mostly college students.”
Cryptocurrencies and criminal activity is closely related, and there are several instances in the past. A report from one of the new source has revealed that the Indian investors had lost up to $500 million to scams both at home and abroad, between the years 2017 and 2019. Another instance this month has disclosed that the cybercriminals had developed a fraud mobile application that they had pushed to the crypto enthusiasts with high-net-worth. The report had explained that the scammers were continuously reaching out to their victims and had been asking them to download the app that supposedly was a cryptocurrency exchange. The hackers had disappeared once the user deposited their cryptocurrencies.
The founder and chief executive of the Avalance Global Solutions, Manan Shah, has confirmed that an unidentified man had lost nearly $50,000 through such a platform. Another incidence happened with a local businessman who was duped of over $3 million.
Back in June, a news outlet had reported that the local police had successfully identified five individuals who were connected with a cryptocurrency scam that had defrauded the investors since 2017. The group allegedly had promised the investors high returns who had bought cryptocurrencies from them. The group got paid in cash and cheques, but they have become evasive as soon as the investors asked for their returns.
Why Is New Crypto Ban Likely To Be Introduced?
All of the scams and fraudulence is solely serving as a reason for the Indian government to pursue a possible crypto ban. This action has now reportedly been taken. Although the Supreme Court had reversed a ban on the cryptos from the Reserve Bank during the initial period of this year, it seems that the government is giving it another chance, as stated by a report from a finance news source.
The news source had explained citing a government official that the Reserve Bank of India (RBI) had been consulting with the Ministry of Law and Justice and the Ministry of Electronics and Information Technology regarding building a framework for another possible crypto ban. The official has explained that this would not merely be a blanket ban but a strict legislative action against the cryptocurrencies. It is believed that such kind of measure will convert the ban to be more legally binding. The law enforcement authorities have stated that they will be looking to ratify the law as soon as the Indian Parliament resumes this month or next.
Source: Inside Bitcoins
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