India's Ruling Party Accused of Involvement in 'Mega Bitcoin Scam'

The largest political party in India is accusing the ruling Bharatiya Janta Party (BJP) of being involved in a bitcoin scam to launder money.

AccessTimeIconJul 6, 2018 at 2:30 a.m. UTC
Updated Dec 11, 2022 at 7:34 p.m. UTC

The Indian National Congress (INC) party, the largest political party in the nation, is accusing the ruling Bharatiya Janta Party (BJP) of money laundering through bitcoin.

INC, more commonly known as the Congress Party, alleged Thursday that the BJP was converting "black money" using bitcoin in the Western state of Gujurat, the English-language daily newspaper Hindustan Times reported. Further, the party called for the Indian Supreme Court to launch a probe to monitor the investigation.

According to the report, INC spokesperson Shaktisinh Gohil alleged that BJP "leadership was involved in converting black money through" the bitcoin scam, which is allegedly worth between $727 million and $12.79 billion.

Gohil told the reporters:

"We demand an impartial Supreme Court-monitored judicial investigation in this maze of 'Mega Bitcoin Scam' so that the truth comes out."

He added that by using bitcoin, certain leaders at BJP were able to convert their "black money" to other businessmen in the state. However, the BJP denied the allegations, saying the Congress Party's "dirty tricks department" was simply trying to "spread confusion and lies."

Indeed, BJP spokesperson Anil Baluni seemed to imply that the INC may have an ulterior motive in accusing the ruling party of laundering the funds.

"I wonder if the Congress is trying to help somebody in this case as part of a conspiracy," he said.

Bitcoin and India flag image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.