Financier’s son had lost money in Bitcoin trading | Jaipur News

Jaipur: Twenty-year-old Vidit Sharma who was arrested by police on March 27 for staging robbery in his own house was found to have lost most of his money in Bitcoin trading, forex and IPL betting. He was arrested for conspiring with two college friends to rob Rs 22 lakh so that he could repay a debt of Rs 18 lakh. The other two accused were also arrested and the entire looted amount was recovered on March 28.
Vidit staged the robbery and attempted to mislead the police by stating that three ACB sleuths raided the house and took away the cash. His lie was busted by the police within a day.
Pursuing graduation from a private college in Jaipur, Vidit was engaged in IPL betting and fantasy online games for the last few years. He has introduced to cryptocurrency trading almost two years ago. Initially, he told the police of having been involved in online gaming.
He broke down during interrogation and revealed that he was active in Bitcoin trading through an agent. Sharing his modus operandi, a police officer told TOI that he was basically trading through a Bitcoin wallet linked with somebody’s else bank account. Whenever he converted the BTC to Indian rupee his agent withdrew the amount and provided him with cash.
“This form of trading is violating of Indian tax norms. He was making his deals in an unaccounted manner to evade income tax and hiding his trading,” said Mukesh Choudhary, cybercrime consultant at Jaipur Police Commissionerate. Initially, he started with Rs 10,000-Rs 20,000 tradings. Vidit told the police that he had lost Rs 14-15 lakh in Bitcoin trading.

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