Breaking itcoin News

Breaking Bitcoin News

Indian Political Parties Bicker over $13.5B Bitcoin Laundering

written by

Indian Political Parties Bicker over $13.5B Bitcoin Laundering

Support free journalists: > send a tip

The Indian National Congress (INC) party is accusing the ruling Bharatiya Janta party (BJP) of laundering between INR 50 billion (USD 727 million) and INR 880 billion (USD 12.79 billion) in the state of Gujarat via Bitcoin. INC spokesperson Shaktisinh Gohil is demanding a Supreme Court investigation into this money laundering conspiracy.

The accusation is that Ahmedabad District Cooperative Bank, whose director is BJP chief Amit Shah, received INR 7.45 billion of deposits in five days, while 11 other district banks in Gujarat linked with BJP leaders received over INR 31 billion of deposits. The INC spokesperson alleges that BJP leadership had been accruing black money through criminal activities, saying, “There were reports of the state police blackmailing some businessmen in Surat for extortion and named a former BJP legislator as one of the kingpins.”

The INC spokesperson further alleges that Bitcoin was used to convert money.

Bitcoin can be used for money laundering due to its relatively semi-anonymous nature. The only identifying info attached to Bitcoin transactions is the Bitcoin address, which is a string of letters and numbers. Cryptocurrency forensic companies have developed techniques to trace transaction history and attach identities to Bitcoin addresses, but this can be circumvented by mixing coins between many addresses, and transferring Bitcoin into other cryptocurrencies and then back into Bitcoin.

The BJP spokesperson, Anil Baluni, gives no credence to the INC allegations. He says, “The dirty tricks department of Congress is at work to spread confusion and lies. It is blaming the police, which has uncovered the case. I wonder if the Congress is trying to help somebody in this case as part of a conspiracy.”

The allegations of Bitcoin money laundering at high levels of the Indian government comes at an auspicious time for the Reserve Bank of India, which banned all INR to crypto trading beginning on 5 July 2018.


Follow on Twitter at

Telegram Alerts from at

Image Courtesy: Pixabay

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Read More Bitcoin News