190 Indian Banks Raided in Fraud Crackdown – Can Bitcoin Be an Alternative?

[cheezcarls]

India’s Central Bureau of Investigation (CBI) has performed a targeted raid on about 170 of the country’s banking locations in an attempt to crack down on fraud, which is reportedly rife in the banking sector. This once again leads to thoughts on how Bitcoin could be a financial alternative that avoids this – especially in a country which is anti-cryptocurrency.

It is reported that the fraud cases, of which there are 42 ongoing, amount to nearly $1 billion. As many as 1,000 CBI officers knocked on doors of the accused to collect evidence and question them across 16 states and at 15 nationalized banks.

With banking fraud rife in the country, one way in which a population could fight back would be to look towards decentralized cryptocurrencies such as Bitcoin. However, India is one country that has taken a rather hardline stance towards the integration of cryptocurrencies leaving citizens with minimal options or alternatives.

Read more about the news here

I remembered about Tim Draper calling the Indian government "pathetic" and "corrupt". The Indian government has considered a ban on Bitcoin and cryptocurrencies. There's even a proposal that if an Indian resident or citizen who are buying, holding or getting involved in Bitcoin and other cryptocurrencies will be put to jail.

Now that 190 banks from India are being raided for fraud crackdown, do you honestly think that this will open the door for Bitcoin once again in the Indian market? For me, I'm not sure yet and may take time before it really happens. Let me know about your opinions and thoughts on this one guys, especially crypto enthusiasts from India.

Cheers!

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[Herbert2020]

a couple of years ago when the news about India was hot and they were trying so hard to show bitcoin as a negative thing and scare people from going into it despite the high volume and the 40% higher price of bitcoin in India, i said that they are doing it because of their corruption and the fact that they are scared of what bitcoin is offering their people. now we see how the corruption is showing itself in broad daylight.
this will only push even more Indian people towards bitcoin and it won't be surprising if in a year or two we see India ahead of the rest of the world in bitcoin adoption and usage!

[stompix]

What would bitcoin solve?

Another stupid article with no substance and another piece of the never-ending madness, bitcoin will do everything perfectly!

From the original article:

The title:

Over 170 CBI teams conduct nationwide crackdown on bank defaulters, raid 169 places

Bank officials also remain under scanner for lending unsecured loans eventually training into NPAs.

Please let me know how will bitcoin solve this problem?
This is not about fiat money, not about inflation, is about lending money to people getting loans and not paying back.
Isn't this already happening with bitcoin? Check the scam section, it's full of loan defaulters!
Want me to fill 20 pages with usernames that defaulted on the few remaining no collateral offers here?

it won't be surprising if in a year or two we see India ahead of the rest of the world in bitcoin adoption and usage!

How about we have a bet on this?

[Darker45]

Not from India here. But in terms of frauds involving banks, that is a shared problem across the world. And the government will only do such raids if the frauds do not involve themselves or their partners in crime. However, there is a specific detail that somehow raised my attention. You say "190 banks from India"? Do you mean 190 different banks? Or is it 190 different branches belonging to a handful of banks? I am curious to know how many banks are there in India. What I found on a quick google search is that there are only "22 public sector banks in India"^[1]. The rest are classified differently but they must be lesser than 190.

[1] https://www.oliveboard.in/blog/list-public-sector-banks-india/

[Wysi]

a couple of years ago when the news about India was hot and they were trying so hard to show bitcoin as a negative thing and scare people from going into it despite the high volume and the 40% higher price of bitcoin in India, i said that they are doing it because of their corruption and the fact that they are scared of what bitcoin is offering their people. now we see how the corruption is showing itself in broad daylight.
this will only push even more Indian people towards bitcoin and it won't be surprising if in a year or two we see India ahead of the rest of the world in bitcoin adoption and usage!

As per my knowledge India's stance towards bitcoin is bit controversial as there are petitions pending in courts as Bitcoin is neither banned nor openly traded in India and the reason for so much of negativity was there were some celebrities and businesses which were involved in money laundering case who were based in India they did this through bitcoin. But you will find most of the Indians in this forum wherein they are well aware of crypto and they have many altcoin projects based out of Singapore as well as Estonia due to pressure form bakers in India. Yes we will see surge in usage of crypto coins in India during next few years.

[bounceback]

India’s Central Bureau of Investigation (CBI) has performed a targeted raid on about 170 of the country’s banking locations in an attempt to crack down on fraud, which is reportedly rife in the banking sector. This once again leads to thoughts on how Bitcoin could be a financial alternative that avoids this – especially in a country which is anti-cryptocurrency.

It is reported that the fraud cases, of which there are 42 ongoing, amount to nearly $1 billion. As many as 1,000 CBI officers knocked on doors of the accused to collect evidence and question them across 16 states and at 15 nationalized banks.

With banking fraud rife in the country, one way in which a population could fight back would be to look towards decentralized cryptocurrencies such as Bitcoin. However, India is one country that has taken a rather hardline stance towards the integration of cryptocurrencies leaving citizens with minimal options or alternatives.

Read more about the news here

I remembered about Tim Draper calling the Indian government "pathetic" and "corrupt". The Indian government has considered a ban on Bitcoin and cryptocurrencies. There's even a proposal that if an Indian resident or citizen who are buying, holding or getting involved in Bitcoin and other cryptocurrencies will be put to jail.

Now that 190 banks from India are being raided for fraud crackdown, do you honestly think that this will open the door for Bitcoin once again in the Indian market? For me, I'm not sure yet and may take time before it really happens. Let me know about your opinions and thoughts on this one guys, especially crypto enthusiasts from India.

Cheers!

this is certainly very sad for the people of India with such incidents especially if they cannot make bitcoin or other cryptocurrency an alternative currency for a while in this chaos, maybe at this time the only way that can be done by the Indian state is by gathering their communities to protest the government of their country to lift the cryptocurrency ban in India so that they cannot be manipulated financially by corruptors.

[Yaunfitda]

Bitcoin is and will be the alternative here.

The problem is that India is taking a hard stance against bitcoin, for reason know to their central banks and governments. Not just in India but we all know that bitcoin is a better option, governments are cracking down on bitcoin, but they can't seems to clean their own back yard here.

UK Banks Fined $66 Billion For Insurance Fraud; Bitcoin Still Bad?.

[BitcoinsGreat]

Now that 190 banks from India are being raided for fraud crackdown, do you honestly think that this will open the door for Bitcoin once again in the Indian market? For me, I'm not sure yet and may take time before it really happens. Let me know about your opinions and thoughts on this one guys, especially crypto enthusiasts from India.

Cheers!

No, the doors of bitcoins will not be opened even though the banks are on the red alert. The government has not announced anything like they are accepting crypto or making it legal. Yes, people can keep their money save in bitcoins privately, and govt. not been aware of this.
This is the case with many countries where their financial conditions are not good and governments do not allow bitcoin to use freely.   what a pity.

[Clement Kaliyar]

However, there is a specific detail that somehow raised my attention. You say "190 banks from India"? Do you mean 190 different banks? Or is it 190 different branches belonging to a handful of banks? I am curious to know how many banks are there in India.

The truth is there are not many banks in India and the article is not accurate and i have not seen any clarity in this news either and if there is a huge crackdown by the authorities and here are the banks that were raided, State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra, Bank of India, and Punjab and Sind Bank.
These frauds were committed in falsifying documents and procuring huge amounts as loans and 7,000 cr INR malpractice is being uncovered till now.

[dothebeats]

Usually most frauds are perpetrated in a single bank, washed on different branches and other allied banks to cover-up the trail. I don’t actually believe the 190 individual banks to be separate entities but rather a collection of bank branches of the same banking groups, and I don’t blame the Indian government since this is really rampant and happening around the world.

Bitcoin can always be an alternative, though knowing the possible implications of it in the money transfer and banking facets of the economy—as was hinted with the 190 banks connected to fraud—it might be even harder for it to pass legal status on India.