Indian Exchange Allegedly Involved in Rs 200 crore Scam

An Indian cryptocurrency company is allegedly involved in a Rs 200 crore scam. Indian authorities issued a notice to a company called Bitcoin India Software Services. This came about when an investor from New Delhi filed a complaint against the company for fraudulently scamming him of his investments by transferring the funds from his wallet to their bank account.

The company has been in operation since 2014, but it failed to produce any balance sheet or audit, reported news portal Coinnounce. The company’s directors, Sykam Ramakrishna Reddy and Sykam Sreemannarayana Reddy, were based out of a remote village in Andhra Pradesh.

To be fairly honest, it is not surprising that the company received the notice. There have been a lot of issues pertaining to the exchange and there are several people who reached out to us, complaining about it. However since, we had no solid proof or even whiff of a complaint, we were unable to do a story on him.

Despite that, in December 2017, we reported that several traders found themselves locked out of their accounts on this exchange. At the time, it had released a press release saying, “Due to recent unexpected user growth that is driven by soaring demand in Asia to buy/sell digital assets, which led us to get huge number of support tickets all of sudden, we are currently experiencing delays resolving support tickets. Our team is working through these tickets as quickly as possible and we are adding additional resources to get through the backlog. ”

The CEO of Bitcoin India, Sykam Ramakrishna Reddy in a Facebook Live session had said, “We have never blocked anybody’s account. My source of income comes from your deposit. If a trader deposits Rs 2000, I get Rs 20 as commission. So I have no reason to block anybody’s account.”

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