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Operator planned to set up crypto exchange in Gujarat

Operator planned to set up crypto exchange in Gujarat

Time of India26-04-2025

Mumbai: The Dubai-based
FairPlay operator
intended to establish a
cryptocurrency exchange
in Gujarat but abandoned the plan after the government imposed tax regulations on crypto transactions two years ago.
According to the ED chargesheet, FairPlay promoter
Krish Shah
accumulated illicit profits from online gaming through bitcoin transactions to avoid detection. He also provided cryptocurrency transfer services, which drew him towards the crypto business despite his lack of expertise. Shah aimed to expand FairPlay operations across multiple countries, with separate currencies for each territory after having his crypto exchange.
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In his statement to ED, arrested accused Chintan Shah disclosed their cryptocurrency and blockchain business aspirations, mentioning that Kaleido (a blockchain platform) planned to develop the INDT Wallet App for Krish Shah and offered assistance in creating unique cryptocurrencies. The chargesheet, citing Chintan's statement, revealed that Krish was pursuing crypto-related licences for the app whilst being uncertain about managing such projects due to their inexperience.
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Krish Shah intended to establish his venture at Gift City Ahmedabad. "However, they abandoned this plan following the government's implementation of a 30% tax on cryptocurrency transactions in 2023."
ED investigations, including mobile phone examinations, revealed Krish Shah's involvement in cryptocurrency operations to layer his illegal betting app earnings whilst pursuing his own crypto exchange. According to arrested accused Chirag Shah's statement, a WhatsApp group called Crypto Exchange IND was created to launch a new crypto exchange in India. The group comprised himself, his brother Chintan, Krish Shah and Siddhant lyer alias Joe Paul. Chirag informed ED officials that FairPlay aimed to create a regulated cryptocurrency wallet for the global market, enabling users to store cryptocurrency in hot and cold wallets, but the project stalled due to compliance and technical security challenges.
Evidence from the WhatsApp group demonstrated that Siddhant lyer alias Joe Paul transferred USDT to Betfair (a listed betting company in London) to provide odds for online betting and gaming.

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