By : Pramesh S Jain
CEO&CO-Founder Of Unocoin Technologies held by CCB Police,for setting up illegal Bitcoin ATM Koisk In Bengaluru:
Highlights :
* Harish BV, Co-founder of Bengaluru-based cryptocurrency exchange, Unocoin, was arrested allegedly for running crypto ATM, which police called illegal
* They did not have any licence from RBI, Sebi or any other agency to carry out the bitcoin transaction, says police.
* Sathvik Viswanath CEO of Unocoin technologies private limited of Cryptocurrency was too arrested by CCB sleuths on Wednesday.
The CO-founder and CEO of Unocoin technologies private limited has been arrested by CCB Sleuths after setting up an allegedly unregistered Bitcoin (BTC) ATM machine in Kemp fort mall Bangalore.
The accused has been identified as 37-year-old co-founder, Harish BV, was apprehended on Tuesday by CCB sleuths after having reportedly installed the ATM kiosk at Kemp Fort Mall on Old Airport Road, together with fellow Unocoin co-founder Sathvik Vishwanath was also arrested on Wednesday both residents of Tumakuru.
A statement from the Central Crime Branch (CCB), which claims the ATM installation did not receive “any permission from the state government and is dealing in cryptocurrency outside the remit of the law.
The Unocoin ATM facility allowed customers to deposit and withdraw a minimum amount of Rs 1,000. The machine doesn’t allow users to use debit or credit cards as banks are not part of the transaction. The ATM was set up despite the Reserve Bank of India’s crackdown on cryptocurrency in India. All the banks and firms regulated by the central bank were asked to terminate relations with any company which deals in virtual currencies from July 6, 2018. The government had also said that cryptocurrencies such as Bitcoin are not a legal tender in the country.
In July RBI had told the Supreme Court that allowing dealings in crypto currencies like bitcoins would encourage illegal transactions and issued a circular prohibiting their use.
The Finance Minister’s statement was clear,Cryptocurrencies are not legal tender in India.He did not say ‘illegal tender.’ There’s a huge difference.It means you bear the risk of your investment and there’s no regulation for the industry.”
Additional CP,Crime,Alok Kumar told reporters that,they did not have any licence from RBI, Sebi or any other agency to carry out the bitcoin transaction.They were running it without obtaining any trade license from the BBMP he added.
Senior officer told media persons that,The CO founders of a firm engaged in banned crypto currency exchange, have been caught, days after their firm launched a Bitcoin ATM kiosk at a mall Bengaluru, in violation of RBI norm.Sathvik V was arrested on Wednesday, a day after the detention of the other co-founder Harish BV, the CCB sleuths have also sealed the bitcoin ATM, two laptops, a mobile phone, a device for crypto currencies and Rs 1.79 lakh.Their firm inaugurated the ATM kiosk in a city mall last week,without permission from the competent authorities.And we appeal to public not to be lured by the prospect of making huge profits in cryptocurrencies.The Unocoin founders were booked under IT Act section 66 (computer-related offences) and IPC sections 120b (criminal conspiracy), 420 (cheating), 465 (forgery), 474 (possession of forged documents) and 471 (fraudulently using forged documents) and further investigation is on and finally Bengaluru Police Commissioner,T.Suneel Kumar,has appreciated Addl CP Crime,Alok Kumar and his team as,DCP Crime-2,Girish S,ACP,F&M,M.H.Manjunath Choudhary,PIs,as,Giri.K.C,K.N.
