India’s Ruling Political Party Allegedly Involved in $763 Million Bitcoin Scam: Report

India’s ruling government, the Bharatiya Janata Party (BJP), was accused by former rulers Congress after a bitcoin scam amounting to ₹50 billion ($763 million) surfaced in the state of Gujarat.

Estimated to Cross $12 Billion

As reported by local news NDTV on July 6, a few Congress leaders from Gujarat demanded a Supreme Court intervention in the matter after reports emerged of BJP leaders involved in illicit cryptocurrency activities.
A spokesperson for the Congress party, Shaktisinh Gohil, called it a “multi-layered” scam and estimated the total haul could cross over Rs. 88,000 crore ($12 billion). However, the latter figure would imply ten percent of bitcoin’s total market cap.