Quote from: Aayush on June 29, 2014, 04:46:06 AM

http://timesofindia.indiatimes.com/business/india-business/First-time-in-India-bitcoin-traders-raided-in-Ahmedabad/articleshow/28008526.cms

"Days after the RBI issued a caution notice against bitcoins and other virtual currencies, a team of Enforcement Directorate (ED) officials on Thursday raided two offices in Ahmedabad for illegally trading of bitcoins through their websites. One of them is a buyer and the other a seller. Acting on a tip-off, 15 ED officials raided the offices of buysellbitco.in and rbitco.in which were trading in bitcoins for the last three months."

How were they trading illegally??

http://newsbtc.com/2013/12/27/indian-authorities-reportedly-raided-buysellbitco-bitcoin-exchange/
"We have found that through the website 400 persons have recorded 1,000 transactions that amount to a few crores of rupees. We are gathering the data of the transactions, name of the people who have transacted in the virtual currency from Guptas server that is hired in the US. At present, we believe that this is a violation of foreign exchange regulations of the country. If we are able to establish money laundering aspect then he can be arrested, said an ED official."
How was this a violation of foriegn exchange regulations?? And they raided just because they believed it was a violation??

http://timesofindia.indiatimes.com/city/ahmedabad/Bitcoin-may-be-used-by-hawala-traders-Officials/articleshow/28067184.cms

Money exchanged through bitcoins can be used for hawala transactions and, in some cases, to fund terror operations. This was revealed by sources in the Enforcement Directorate (ED) which raided the offices of two bitcoin traders in the city on Thursday.
I completely fail yo understand what they mean by that it could be used in the hawala system.

Were the raids unavoidable?
Why did not buysellbitco protest?
Does this mean that authorities can arbitrarily shutdown any exchange if they feel so?

Here is what BuySellbitco.in owner Mahin Gupta said on India forum regarding the raid and aftermaths...

Quote from: buysellbitcoin on June 12, 2014, 10:03:40 AM

Quote from: kittucrypt on June 11, 2014, 01:08:11 PM

Quote from: Benson Samuel on June 11, 2014, 12:41:24 PM

Quote from: kittucrypt on June 11, 2014, 12:13:35 PM

Quote from: Benson Samuel on June 11, 2014, 07:47:23 AM

Quote from: buysellbitcoin on June 11, 2014, 05:26:40 AM

Quote from: supernovax on April 22, 2014, 04:04:22 PM

When the famous bitcoin raids happened in december last year by Enforcement directorate for money laundering offences, other 2 exchanges shut down and are still not functional but unocoin.com is was clean in their audit and the only exchange in india for bitcoin right now.

Wou.. Never thought on this perspective of users.

Regards

Lol, Some are quite stupid.
They just read 3 lines in some text and think that they have some common sense to decipher the rest.

That post is a darn good example to show that common sense is not very common.

It could be a sock puppet account as well.

Its easy to ridicule others. But at the end of the day we haven't seen those two exchanges back up and running. Audit might not be the reason.... But Nation wants an answer...What happened? (Arnab Style...Pun Intended)

It was quite easy to ridicule this one tbh..

Like I said...the reason might not have been audits. But at the end of the day, neither of the two exchanges are back.

It has been an opportunity served on the platter for unocoin, who have seized the opportunity to gain the market share.

One question that keeps coming back is...if buysellbitcoin and inrbtc were perfectly well established businesses, why did they not open back up?

If there was something wrong with dealing in Bitcoins, how come unocoin can perform the same activity as a legitimate business?

I wish I could have answered that, but never mind. But thanks for pointing out this side of perspective as we have learned that at least few people are thinking on this line. During whole incident we learned lot of things including how business competition works, how media can be used and how some one can say a lot without saying anything

Just to give some light on the future plans, we are still working on things and hopefully we will be able to release our next product soon ( We are delayed by 2 months as of now ). We were the first in India to provide bitcoin accessibility conveniently to general people and let me tell you this today, you will not find a single person having bad experience, not a single complaint ( except out of stock issues ) with us and on top of it, every person on this forum before Jan this month have used/interacted with buysellbitcoin in some capacity. But here I can only say one thing, we are here and we are here for good. Hopefully our new product will also receive same love and respect from the community.

Regards