Raj Kundra Gets Questioned Over Bitcoin Fraud Case By The ED

Raj Kundra, the husband of actor Shilpa Shetty, was questioned by officials from Enforcement Directorate in regard to his part in a bitcoin scam. The whole meeting went on for 9 hours, and officials informed that his name came out after a probe in the GainBitcoin fraud case.

One of the members of the questioning team said, “Kundra was called to the ED office and asked about his involvement in the trade, termed illegal by the government. There are few instances of the case that are linked to Kundra and hence, he has been asked to record his statement.”

He denied all the allegations and reminded ED about him being a witness earlier. The GainBitcoin fraud came to light when Amit Bhardwaj and his brother were arrested in Delhi.

They have been charged with duping more than 8,000 investors for Rs 2,000 crore. The case was registered in April against GainBitcoin as they used false and lucrative promises to attract investors.

The Briton, in his defense, said that he was summoned only as a witness by the Enforcement Directorate. He will be co-operating with the authorities as he slightly knows Amit Bhardwaj.

He added that Bhardwaj was about to buy a team in the poker league which made him contact Viaan Industries, his company that runs the tournament. The Briton currently owns the Match India Poker League through this company, in which different teams compete for the title.

After bitcoin’s value skyrocketed in December 2017, many other virtual coins have popped up to gain profits from the momentum. However, most of these virtual coins do not possess a significant value or are part of fraud schemes.

Earlier this year, the Income Tax Department was sending notices to bitcoin dealers on a daily basis that amounted to more than Rs 1 crore. The name of those dealers was submitted to the ED, and the authority started an investigation into a possibility of money laundering and fraud. It was reported that many celebrities from Bollywood might get questioned during the inquiry.

In 2017, Arun Jaitley, Finance Ministry of India, informed that the country had no regulations in regard to virtual coins and Reserve Bank of India did not authorize any company to conduct business through such currencies. The government of India has advised citizens to be cautious of crypto dealings as they are not governed by any agency. Hence, they are termed highly risky.

It is not the first time Kundra has faced a controversy. He was banned for life from any or all cricketing activities after he was found guilty in an IPL betting scandal. His franchise, Rajasthan Royals, was also banned for two years. They recently made a comeback in the IPL season of 2018 under new ownership and management.

Digital currencies do not enjoy a positive outlook from the Indian government. As of now all the activities in relation to digital currencies have been banned, and a three-month window has been given to exchanges and investors to settle their business ending in July.

The case might reveal more people from the celebrity circuit or even politics.…

Deepbrain Chain Partners with Singularitynet’s Network of AI Algorithms and Services

 

World’s first blockchain powered AI computing platform, DeepBrain Chain will be announcing its partnership with SingularityNET, the premium open source platform for AI innovators.

The new partnership will allow AI developers, on SingularityNET’s data marketplace, the option to link datasets and power algorithms through DeepBrain Chain’s network. It will also connect agents that link servers together which will provide back-end autonomy without input from the user.

On the one hand, the open source platform is looking to minimize the autonomous interaction between AI agents. Meanwhile, DeepBrain Chain will be developing a platform and marketplace for the training and development of AI models by integrated AI cloud network. The former will be using cloud service provided by DeepBrain Chain to bid enough power for the users of the SNet service. The company hopes to expand the growth of AI in a less centralized manner.

Chief AI Officer and Executive VP of DeepBrain Chain, Dongyan Wang said that his company aims to make more affordable AI which will pave the way for innovation in industries like finance and healthcare. He added, “Being the first AI platform built on the blockchain, we have taken a responsibility to lower computing cost by at least 50{263b85f1ee1f21048dda63f36486adda28bda40a358e2228d65ddfbef2290fbe}. With our new collaboration with SingularityNET, we know we’ll not only lower costs but begin to create a larger network of data sharing to further capabilities of those trying to significantly impact our daily lives.”

It was informed that between 2012 and 2016, 5,154 new Artificial Intelligence companies emerged and 20 to 30 percent of the cost of AI applications comes from the computation. As of now, AI has a market cap of $ 20 billion. In a study undertaken by Narrative Science, it was revealed that 62 percent of the companies would employee AI technologies by 2018.

The new project will create a framework that opens the gate of data transfers between the two participant firms. Thus, a user of one platform will be able to access data present on the other one by back-end transactions. It will eliminate the necessity of paying special attention to a cross-platform interaction.

About DeppBrain Chain

The company claims to decrease computing power costs by 70 percent through its distributed and decentralized blockchain platform. The use of the breakthrough technology empowers data providers and buyers as chances of breach and alterations become technically zero.

About SingularityNET

It is the only firm that lets AI to cooperate and coordinate at a scale which terminates the issue of interoperability. Thus, the strength and capabilities of individual AIs have increased manifolds. AI agents are given the power to buy and sell goods and services across various markets.

It is believed that the new partnership will boost AI acceptance in more businesses which were hesitant to use the technology before. With time, many new functions will be included in the platform which will make the bond last much longer than expected.

As of now, new users can wait for the new venture to get reviewed by experts for avoiding any silly mistakes in their maiden run.…