Why has India formed a SIT Unit for Investigating Cryptos?


It seems the India government is tackling the battle of crypto fraud. Units have been set up in Maharashtra where there is a high rise in crypto fraud. The Special Unit Team “SIT” will take over from the local police departments that are currently handling the cases.

This was announced by Minister Deepak Vasant Kesarkar of the 13th Maharashtra Assembly.

He explained that the new unit will be headed “by an official of the rank of additional director-general of police,” adding that it has been given three months to research all of the companies “that have cheated investors in the name of cryptocurrency.”

It is estimated that investors from the state have been cheated to the amount of Rs. 2,000 crores [~US$2,906,400] in cryptocurrency trade.

It seems that corruption is at all levels. Top BJP party leaders are being investigated for a Bitcoin scam in Gujarat. Also, in the news, a city session court refused bail to the seven police officers arrested for the abduction of the two Surat-based builders, the police officers demanded 200 Bitcoins as a ransom payment.


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