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Unocoin ATM was Seized and Co-Founder Arrested in Bangalore

According to the news from India Today, Unocoin ATM was seized and the Co-Founder was allegedly arrested. On 23rd Oct 2018, the Central Crime Branch (CCB) police arrested the Co-Founder of the company that installed India’s First Bitcoin ATM in Bangalore. The police mentioned that there’s no license to run the business in the city. It should be noted that the Bitcoin was announced as illegal in India by RBI.

Read – Unocoin Launches First Ever Cryptocurrency ATM in India.

Harish BV, he is the Co-Founder of Unocoin resident at Rajajinagar, Bangalore, India. His firm was installed the kiosk machine on the Old Airport road recently. The machine was the first ever machine installed in India with such facilities like Deposit and Withdraw money to exchange Cryptocurrencies like Bitcoin, etc.,

Additional Commissioner of Police (crime) Alok Kumar told ET that the arrest was made after consulting the Reserve Bank of India. “It was brought to our notice that cryptocurrency kiosk is being installed. During the inquiry, we found that the said co-founder did not have trade license from the local authority or permission from the RBI,” he said. “We also felt the operators were running the kiosk without any transparency in transactions. There was a high chance of duping investors as the kiosk.

The CCB also seized two laptops, one mobile phone, five debit cards, one passport, one cryptocurrency device and cash of ₹1.79 lakh.

Also read – Bitcoin Banned in India.

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