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?
"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?