Indian Policeman Suspected in BTC Extorsion

Anisuddin Anwarali Saiyed of Umra police station was arrested on Sunday for his alleged involvement in kidnapping and BTC extortion case
12 March 2018   102

According to the case file, Saiyed, having teamed up with other policemen, including the head of the police station, Chintan Shah, kidnapped a businessman and extorted a ransom in Bitcoin. This is reported by Times of India.

Currently, the police are trying to identify whether Said and Shah were involved in such crimes, whose victims did not seek help.

The police department said that businessman Jinesh Patel was kidnapped from a shopping center parking lot on 12 February. Attackers demanded from him to transfer to their account all available tokens in exchange for freedom.

In response to threats from the kidnappers, Patel said that he refused to work with crypto-currencies, however, Saiyed did not believe him. Later, not having achieved the desired, the criminals threw an entrepreneur in the Jahangirpur district, from where he contacted the police.

Crypto Taxpayers to be supported in India

Cleartax, the largest Indian tax filing platform joins Zebpay exchange to help crypto taxpayers
24 March 2018   102

The object of this partnership is to educate Bitcoin traders and investors about the current tax laws and how to apply them in stating cryptocurrency profits and incomes. Indian authorities are aimed to find the best approach to Bitcoin and the other kinds of cryptocurrencies. The recent declarations of the regulators that new instructions would be accepted in a short time, have not been followed by real actions. So the attempts to enforce the control on this sphere have led to summaries that this task in not going to be simple at all. According to last month media reports, new frameworks and rules were waited by the end of March.

Though they failed to to introduce extensive regulations, the Indian authorities are focused to tapping into crypto earnings. In a previous month the Income Tax Department released notifications for thousands of cryptocurrency investors, as reported.

The Cryptocurrency Advisory Plan will help Indian bitcoin investors and traders in this year's tax campaign. The biggest tax filing platform Cleartax joins the Indian bitcoin exchanges and wallet providers Zebpay. They are both objected to support taxpayers to understand and abide by the law regarding taxation of the transactions with cryptocurrencies.

Cleartax declared it has the tax and technological expertise “to help people understand how bitcoin works”. Besides, the platform has started tax filing services for cryptocurrency investors. The Cleartax CEO and founder Archit Gupta claimed that together with Zebpay they are going to “simplify taxes for Indians”. The head of exchange at Zebpay, Nischint Sanghavi added that he believes the partnership with Cleartax will simplify tax planning for Zebpay`s customers.

In February about 100,000 cryptocurrency investors received tax notices from India`s Income Tax Department. Questionable dubious transactions, authorities investigated some of the cryptocurrency exchanges, and banks paused many of their accounts. Then the governmental pressure caused significant drop in trading volumes.

The authorities in Delhi have set a number of warnings against investing in BTC. Also the largest commercial banks have restricted severely the operations of local exchanges and individual cryptocurrency traders, even before any law demanding such measures is adopted.