Cryptocurrencies have become a big no-no in India and recently one of the leading newspaper India Today disclosed that the Central Bureau of Investigation or CBI has filed a case against one of its officers. The CBI officer, Sunil Nair tried to extort around $700,000 (almost 50 million Indian rupees) from a Gujarat based businessman for his involvement with Bitcoin.
The businessman named Shailesh Bhatt is a real-estate agent and Nair has asked him extortion money of 50 million Indian rupees for his dealing and earning Black money through cryptocurrency Bitcoin. This incident occurred in February 2018. CBI officer Nair threatens Shailash that if he didn’t pay him the money then he would take legal action against him with the help of the Department of Income Tax.