Home Opinions Will Victims of Cryptocurrency Scams in India Ever Receive Long-Denied Justice?

Will Victims of Cryptocurrency Scams in India Ever Receive Long-Denied Justice?

September 05, 2018 16:38
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If we start talking about the Supreme Court of India’s judgement on the ongoing Reserve Bank of India v/s cryptocurrency exchanges, we have to talk about the elephant in the room; the scams that have been carried out by bad actors in this space.

Recently there were a lot of news reports on how some fraudsters such as Amit Bhardwaj, (of GainBitcoin), Divyesh Darji (BitConnect/Dekado) are being brought to book by law enforcement officers.


Although their arrests came about after duped investors spent months chasing the law enforcement agencies, it is still only the start. So far, nothing substantial has come about except one news of Bhardwaj not being granted bail by Chandigarh’s district court.

When the GainBitcoin mastermind was brought to India, he was first lodged in a jail in Pune. Following that, he was shifted to Tihar in New Delhi and eventually to a jail in Chandigarh where he is lodged at the time of writing.

The duped victims have been working non-stop around the clock, trying to find out when they will receive their principal value in bitcoin. A retired Army personnel Captain PC Mahajan said, “It is not understood that scammer Amit Bhardwaj and his team are mocking the entire government and they made them slave of the government or vise versa, because scammer has started their game in 2014 since BJP came in power.”

Although the allegations are serious, without documentation, it is hard to prove these statements. However,the victims savoured their small victory, when it emerged that Rupesh Kumar, Bhardwaj’s right hand man’s bail application was rejected by a Patiala court on Tuesday.

These scams are one of the reasons why the Indian government has been up in arms against cryptocurrency trading. Since, there is no way to trace cryptocurrencies’ movement, the government bodies believe this may lead to more scams.

However, these bad actors constitute only 1% of the community. Although, there are bad people in every field, they can be brought to book, by the means of regulations. The draft which is being prepared by government bodies should, among other things, concentrate more on how to deal with criminals, rather than taxes that it can impose on honest people. The honest, patriotic people will pay their taxes, but criminals will always be rotten.

Can we count on our government and other law enforcement agencies to do the right thing?

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