Operator planned to set up crypto exchange in Gujarat
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.
You Can Also Check:
Mumbai AQI
|
Weather in Mumbai
|
Bank Holidays in Mumbai
|
Public Holidays in Mumbai
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.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
2025 Top Trending local enterprise accounting software [Click Here]
Esseps
Learn More
Undo
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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
28 minutes ago
- Time of India
Did Elon Musk use ketamine, ecstasy drugs? What Donald Trump said
Elon Musk with Donald Trump (File photo) US President Donald Trump on Monday responded cautiously to recent reports alleging Elon Musk used recreational drugs while advising his administration, calling the claims troubling but unverified. "I really don't know. I don't think so," Trump told reporters on June 9 when asked whether Musk had brought drugs into the White House. "I hope not." The remark marks Trump's first major comment on the issue since The New York Times reported in late May that Musk had allegedly used ketamine, ecstasy, and psychedelic mushrooms while campaigning with Trump in 2024. The report cited unnamed sources. Musk swiftly responded to the allegations in a post on X: "You can tell immediately that someone is a massive liar if they're claiming I'm on drugs, as I am one of the most photographed people on Earth and am in meetings 7 days a week!" He added that he underwent random drug testing for nearly three years following a widely-publicized 2018 podcast appearance with Joe Rogan . "Not the slightest trace of drugs or alcohol was found." USA Today reported it remains unclear whether Musk used any substances while serving in an official capacity. When asked about it on his final day as a special government employee, Musk avoided the question, saying, 'Let's move on.' The drug allegations come amid a broader fallout between Trump and Musk. Their once-close relationship soured after Musk denounced Trump's tax and spending package as a 'disgusting abomination.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Sanitize & Smooth Clothes Fast with Philips Steamer Philips Garment Steamers Shop Now Undo Trump retaliated by suggesting he might scale back federal contracts held by Musk's companies, while Musk hinted that Trump appeared in classified files related to convicted sex offender Jeffrey Epstein. Despite the tensions, signs of de-escalation have emerged. Trump took a softer stance when asked about Musk's satellite internet company, Starlink. 'It's a good service,' he said, indicating no plans to discontinue its use at the White House. He also struck a conciliatory note personally, saying: 'We had a good relationship, and I just wish him well.' The highly public spat has complicated Republican efforts to pass Trump's 'big, beautiful bill' in Congress, where the GOP holds narrow majorities. However, with Musk deleting earlier posts—some of which had supported impeachment—insiders suggest the billionaire may be ready to mend ties with the president.
The Hindu
31 minutes ago
- The Hindu
MUDA scam: ED attaches 92 more sites in Mysuru
The Directorate of Enforcement (ED) has provisionally attached 92 sites allotted by Mysore Urban Development Authority (MUDA) to 'entities such as housing cooperative society and individuals who are front/dummy for influential persons, including MUDA officials', under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. As on June 9, the sites have a market value of ₹100 crore. Earlier in January, ED had provisionally attached 160 MUDA sites having a market value of approximately ₹300 crore, mostly those registered in the name of realtors and other individuals. With this, the total value of assets provisionally attached has gone up to ₹400 crore. Though the case pertains to 14 alternate sites allotted to Parvathi B. M., wife of Karnataka Chief Minister Siddaramaiah, which ED has found fault in, ED hasn't attached those sites as Ms. Parvathi returned them to MUDA. According to a statement issued on June 10: 'ED investigation revealed a large-scale scam in allotment of MUDA sites by flouting various statutes and government orders/guidelines, and by other fraudulent means. The role of ex-MUDA commissioners, including G. T. Dinesh Kumar, has emerged as instrumental in illegal allotment of compensation sites to ineligible entities/individuals. The evidence with respect to obtaining bribes for making illegal allotments in the form of cash, bank transfer, movable/immovable properties has been gathered during the course of the investigation. 'The modus operandi for making illegal allotment involved identification of ineligible beneficiaries and making allotment using fake documents/incomplete documents in direct violation of government orders, and also backdating of allotment letters in some cases. The gratification received for making these illegal allotments was routed through a co-operative society and bank accounts of the relatives/associates of the officers playing key roles in the allotment process. The gratification thus received was further used to purchase some of these illegally allotted MUDA sites in the name of relatives of MUDA officers.'
India Gazette
32 minutes ago
- India Gazette
Robert Vadra seeks new date after ED summons: Sources
New Delhi [India], June 10 (ANI): Businessman Robert was summoned by the Enforcement Directorate on Tuesday. However, Vadra has informed the central agency that he would not appear today and sought a fresh date, sources said. On April 17, after the Enforcement Directorate interrogated him on Thursday in connection with the Gurugram land case, businessman Robert Vadra said that the investigative agency was asking him repeated questions that he had already answered in 2019. 'There was no new question; all the questions were repeated from 2019. If tomorrow were not a public holiday, I would have to celebrate my birthday in the ED office. 'Tomorrow is Good Friday, and I will celebrate my birthday with my family; otherwise, they will keep calling me,' Vadra told the media. Vadra appeared before the ED for the third consecutive day in response to the Enforcement Directorate (ED) summons. Vadra slammed the action as a 'political vendetta', accusing the government of misusing investigative agencies to target opposition voices. Vadra questioned the ED's impartiality, alleging selective action against leaders from non-BJP parties while vowing to continue his fight against 'injustice'. 'This is a political vendetta. Agencies are being misused. This is wrong. How will there be trust in agencies when they are after any candidates for the CM position in the country, or when a party is doing well? Which BJP minister or member has been summoned by the ED? Why has none of them been summoned? Is everyone in the BJP good? Do they not have any allegations against them? 'There are several allegations,' Vadra said. Vadra also claimed that the ED's action against him was fueled when he started raising his voice over atrocities against minorities. 'If I were to enter politics, which is what everyone wants, they (the BJP) would either speak of dynasty or misuse ED. This difficulty started when, a few days back, I gave messages through social media regarding atrocities against minorities. This is nothing else. Ever since I said that people wanted me to enter politics, this difficulty has started. But the ED summons has no basis,' he said. (ANI)
