Show

MN Coin

As Indian governmental authorities maintain its “wait and watch” <a href="https://news.todayq.com/indias-ed-arrests-6600-crore-bitcoin-ponzi-scheme-key-player/" target="_blank" rel="noopener noreferrer nofollow">approach</a> towards introducing cryptocurrency specific rules in the country, its state police have filed an alleged fraud case against a major digital assets exchange. CoinDCX under Delhi Police radar? 
According toreports, the Delhi Police have launched a cheating case against cryptocurrency investment company CoinDCX. This comes following multiple user complaints about alleged bank fraud on the platform’s mobile application. Users reported issues related to the withdrawal of crypto investments, claiming that they were asked to pay additional funds. 
As per the complaints, users attempting to withdraw their crypto gains were prompted to submit extra money for tax purposes. In one case, a 36-year-old businessman invested approx Rs 1.4 lakh last year on the CoinDCX application. When trying to withdraw, he was asked for additional tax and told to pay Rs 40,000 more, leading him to refrain from further investments.
Another complaint came from a 24-year-old engineer who, after investing close to Rs 14 lakh, found himself unable to withdraw the funds. Allegedly, the platform asked him to transfer an additional Rs 4.65 lakh for tax purposes, promising a refund of Rs 4.18 lakh along with the complete amount. These complaints, dating back to November last year, have been combined, and the police are conducting an inquiry. What’s next? 
While government rules in India do impose an additional tax (capital gains) of approximately 20-30% on crypto withdrawals, depending on the platform and the amount withdrawn, they do not endorse platforms asking for extra money for the refund of old investments. It added that the police will send a notice to the company to verify the allegations.&nbsp;
However, CoinDCX has not responded to queries till now.
Earlier, <a href="https://news.todayq.com/india-cracks-down-on-global-crypto-exchanges-binance-included/" rel="noopener noreferrer nofollow">Todayq reported</a> that the Financial Intelligence Unit of India has raised concerns about nine offshore Virtual Digital Assets (VDA) service providers, including Binance. This comes in for alleged violations of the Prevention of Money Laundering Act (PMLA) of 2002. Show cause notices have been issued for non-compliance, urging the blocking of URLs linked to these entities.
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

Cheating case filed against major Crypto Exchange in Delhi

Todayq News

Other articles published on Jan 3, 2024

Arbitrum Maintains Strength Despite Bitcoin’s Decline

Positioning for Explosive Gains in 2024: BNB, XRP, and NUGX

Gemini: A Breakthrough in Large-Scale DNN Chiplet Accelerators

Why Dogecoin (DOGE), Pepe (PEPE) and Shiba Inu (SHIB) investors are turning to Pushd (PUSHD)

Tether Treasury’s Massive 2 Billion USDT Transfer to Whale: Unraveling the Situation

Positive Outlook for Bitcoin in 2024: Potential Catalysts Ahead

Join our free newsletter for daily crypto updates!