DVAC to look for crypto footprints of corrupt politicians

“We are aware of the possibilities of these politicians investing illegal wealth in cryptocurrencies like Bitcoin. We will certainly look into it, though it may be difficult,” sources said.

Investing in cryptocurrency is considered a good option for the corrupt as it is easy to hide. But the sleuths are wondering how many of the former ministers were aware of the ‘sea of opportunities’. Though cryptocurrency transactions remain unrecognised in India, they are not yet declared illegal. So those who want to invest can still do it, said an official. One Bitcoin is valued at Rs 50.29 lakh as of Wednesday.

“Some traders in cities like Mumbai and Bengaluru are doing the cryptocurrency business. They can accept money from those who want to park their liquid cash and transfer the cryptocurrency they are holding to the ones who ask for it. These traders usually sell the cryptocurrency at the current price, though they must have purchased it when the price was low. They collect up to 10% commission for the transaction,” said a Bengaluru-based cybersecurity expert.