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CBI raids Indian Banks for fraud – Will Bitcoin make a comeback in India?

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Alexander Aryan
Alexander Aryan
After completing his Masters in Business Administration and Management from the California State University, Alexander dedicated his life into studying and writing about bitcoin and the technology behind it as he believes it to be the money of the future. Apart form being a writer, Alex is also a great speaker and loves to participate in blockchain events.

The Central Bureau of Investigation decided to perform a raid on more than 170 different banking locations to question ongoing cases of fraud. India is an anti-cryptocurrency country since 2018, and people think that Bitcoin is a better alternative than the banking facilities.

There has been a significant increase in banking fraud cases, and the number has reached 42 by now. India’s CBI conducted a targeted raid in which about 170 banking locations across the country were raided to gather information on these fraud cases. These 42 fraud cases value at about $1 billion. This has been one of the largest coordinated raids that took place in the country with the involvement of almost 1,000 CBI officers.

Hard Time for Banks

The raid took place in 15 different nationalized banks at 16 different states, which include Chandigarh, Delhi, Haryana, Maharashtra, Punjab, and others. These 42 cases either involved big business people and the latest case of Punjab and Maharashtra Co-operative Bank, which involved a fraud of $610 million. The rest of the cases involved:

  • 4 cases worth Rs1,000 crore ($140 million)
  • 11 cases ranging from Rs 100 crore to Rs 1,000 crore ($1.4 million – $140 million)

Most of the cases involve unpaid loans, and State Bank of India is one of these 15 banks as well. SBI is considered as India’s largest money lending government-owned bank.

Will India accept Bitcoin again?

With the rising uncertainty in the financial world due to the geopolitical issues of Hong Kong to the threats of a global recession hitting the globe soon, people are moving towards Bitcoin and other cryptocurrencies as their haven.

The decentralized cryptocurrency offers the ease of maintaining distance from the political fires and stay unaffected by frauds. The Indian government has turned its back towards the cryptocurrencies as they decided to ban the asset in the country. People believe that the country is living in denial as they are not ready to lift the ban while they continue to fight with the weak banking system. 

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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