Hitting Banks HardThe raid by the CBI has now been labeled one of the largest coordinated searches in India this year, outlining the magnitude of the problem. “Out of these 42 cases, there are 4 cases of more than Rs 1,000 crore ($140 million) and 11 cases of fraud amount of Rs 100 crore to Rs 1,000 crore ($1.4 – 140 million),” a statement issued by the CBI read. “During searches, incriminating documents have been recovered so far.” It is further explained that most of the loan fraud cases were detected at 15 banks, which also includes India’s largest government-owned lender. What’s more, this raid comes less than a month after the former managing director of Punjab and Maharashtra Co-operative (PMC) Bank, Joy Thomas, was jailed in an alleged 43.55 billion rupees ($610 million) fraud case.
An Unobtainable Alternative in BitcoinAs global financial uncertainty continues to permeate the globe, with geopolitical issues affecting Hong Kong; economic collapse striking Venezuela, and even threats of a recession looming in the first world, eyes are turning to Bitcoin, as BeInCrypto has touched on previously. The decentralized financial system offers a monetary structure that is free from political interference, not attached to traditional markets and concerns – and especially poignant for India – un-affected by fraud. The issue is that the Indian government, just behind China, has been one of the hardest on cryptocurrencies, trying to stamp out access to Bitcoin and others. India has been ambiguous in its cryptocurrency regulations, but more than once, rumors of a nationwide ban on Bitcoin have been circulated. This denial of a fundamental financial alternative in the face of a corrupt and poorly-functioning banking system starts to look a lot like Indian citizens could be in for a lot of strife in regards to using and managing their funds in the country.
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