Skip to main content
1024x683 India Taxation.jpg

Indian Cryptotrader Hung Himself Because of Debt to Police Officer

A young participant of the market called Bharat Patel from Indian state of Gujarat has committed suicide by strangling himself since he couldn’t pay his debt to the local policeman.

A lot of cryptocurrency users suffer from depression and anxiety connected to the activity. Recently, a young man from Gujarat has killed himself since he couldn’t pay his debt due to the constant losses of the cryptocurrency investments.

On the one hand, people might get a significant profit from their investments, but on the other, those investments might turn into a great loss.

All the deals were made by Patel on behalf of the policeman, Chirag Savani. But when the officer along with his brother had demanded the reparation of the assets, the investor committed suicide, having left a suicide note.

The note states that Patel used the brothers’ assets, who later threatened and pressured him to repay 11,597 bitcoins instead of the initial 5. Since the man couldn’t refund the means, he killed himself, having accused the two brothers.

The investment was allegedly made with the higher price of BTC. Patel’s wife had been pleading the brothers to let him pay those $92 thousands in parts, but they were ruthless and claimed the whole sum at once.

This is not the only suicide case caused by the market’s decline. The research of Open University showed that there were more than 6566 cases registered from 2008 to 2009 resulting from the sharp fall and significant financial losses.