logo
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.
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.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Sonam Acted Tired, Walked Behind Husband, Then Yelled "Kill Him": Sources
Sonam Acted Tired, Walked Behind Husband, Then Yelled "Kill Him": Sources

NDTV

time35 minutes ago

  • NDTV

Sonam Acted Tired, Walked Behind Husband, Then Yelled "Kill Him": Sources

Sonam Raghuvanshi allegedly conspired to murder her husband, Raja, shortly after their wedding. Raja's wife and her lover hired three friends as contract killers to execute the plan. The murder took place during their honeymoon in Meghalaya, where the killers followed the couple. New Delhi: In a sinister murder case, all it took was five days, a meeting at a cafe, and a one-way honeymoon trip to Meghalaya to kill Raja Raghuvanshi, an Indore-based businessman. The plan was allegedly hatched by his wife, Sonam, and her lover, Raj Kushwaha - who hired his three friends as 'contract killers'. Five days after Raja and Sonam got married, Raj called his childhood friends - Anand Kumri (23), Akash Rajput (19), and Vishal Singh Chauhan (22) - to a cafe in Madhya Pradesh's Indore to plan the killing of Raja. He lured them with money to commit the crime, sources said. On May 20, Raja and Sonam left for their honeymoon in Meghalaya, with a one-way ticket in hand and the three killers following them to the Northeast. Sources said that Raj sent his friends to Guwahati first on May 20, where they ordered an axe online. From there, they went to Shillong and stayed at a hotel near Sonam and Raja's homestay. The newly-wed couple, meanwhile, roamed around the breathtaking hills for three days. But on May 23, Sonam took Raja to a hilly area on the pretext of a photoshoot. The three accused also followed them and initially spoke to Raja in Hindi. Eventually, Sonam pretended to be tired and started walking much behind her husband and the killers. As the five people reached a deserted place, Sonam shouted "kill him" - to the killers, sources said. All this while, Sonam's lover Raj was not in the scene. He did not travel to Meghalaya, but Shillong Police sources suggest he did the planning behind the scenes and was in touch with Sonam. Raja's body was recovered from a deep gorge beneath the Weisawdong Parking Lot at Riat Arliang on June 2, ten days after the brutal crime. A machete, suspected to be the murder weapon, was also recovered. His preliminary autopsy report revealed that he was attacked twice - once each on the back and front of his head. Weeks later, the 24-year-old 'missing' wife was found in an unconscious state on Saturday night at a 'dhaba' in Ghazipur. She was taken to the Ghazipur Medical College for treatment, where she surrendered before the police, and was subsequently taken into custody. The three accused were also arrested in overnight raids.

Robert Vadra Summoned Today For Questioning In Land Deal Case By Probe Agency ED
Robert Vadra Summoned Today For Questioning In Land Deal Case By Probe Agency ED

NDTV

time35 minutes ago

  • NDTV

Robert Vadra Summoned Today For Questioning In Land Deal Case By Probe Agency ED

New Delhi: Businessman Robert Vadra, the husband of Congress MP Priyanka Gandhi and brother-in-law of Leader of Opposition in Lok Sabha Rahul Gandhi, has been summoned for questioning today by the Enforcement Directorate in a money laundering case linked to a 2008 Haryana land deal. The ED served the summons today; Mr Vadra is yet to show up at the federal agency's office in central Delhi. Mr Vadra was questioned in the case for about 16 hours over three days in April in an ED action that he had termed a "political witch hunt" against him and his family. The deal at the centre of the ED case against Mr Vadra is about a land in Haryana that was bought by his company, Skylight Hospitality, in 2008 for Rs 7.5 crore. Its value spiked after Mr Vadra obtained a permit to develop a housing society on the land. In 2012, he sold it to DLF for Rs 58 crore. With the Congress in power in Haryana at that time, the BJP accused them of stealing the land from farmers to give to Mr Vadra. Bhupinder Singh Hooda, who was then the Chief Minister, had denied the allegation. "The Congress did not give even an inch of government land to Robert Vadra. If the BJP shows proof, I will leave politics," he had said when the BJP raised the issue again before last year's assembly elections.

European shares stable as markets eye Sino-US trade talks
European shares stable as markets eye Sino-US trade talks

Time of India

time35 minutes ago

  • Time of India

European shares stable as markets eye Sino-US trade talks

European stocks were steady on Tuesday, shrugging off modest losses from the previous session, as investors stayed on edge awaiting fresh signals from the second day of tense U.S.-China trade negotiations. The continent-wide STOXX 600 held its ground at 553.12 points, as of 0703 GMT. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top Picks: The $45 "Luxury" Beauty Serum Experts Swear By Best of Beauty Get Coupon Undo The spotlight remains on the talks in London between the world's two biggest economies, as investors eagerly watch for any signs of progress or a thaw in relations. Play Video Play Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 31:09 Loaded : 1.36% 00:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 31:09 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Ads By Google Ad will close in 25 Skip Ad U.S. President Donald Trump on Monday put a positive spin on the talks, without divulging any details on how the trade war, that has threatened to disrupt global supply chains, could de-escalate. Gains in automakers, which rose 1%, were offset by financial services and industrial shares, which fell 0.8% and 0.4%, respectively. Live Events Among stocks, Novo Nordisk gained nearly 2% after a report said activist hedge fund Parvus Asset Management is building a stake in the drugmaker. Bellway gained 4% after the British homebuilder raised its forecast for full-year volume production. Shares of Aberdeen gained 5% after upgraded the fund manager's stock to "overweight" from "neutral".

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store