Unocoin’s co-founder Harish BV arrested
2018-10-26Central Crime Branch police has arrested Harish BV, co-founder of Unocoin, for installing a bitcoin ATM kiosk a week ago in Bengaluru. The report says that the ATM has been illegally operated without getting any approval from the state government. Unocoin has been planning to install similar ATMs in Mumbai and Delhi.
The company has recently got fame for starting India’s first bitcoin ATM. According to police, The ATM in Kempfort Mall reportedly allowed customers to deposit and withdraw a minimum amount of Rs.1,000.
Central Crime Branch has seized the teller machine meant for bitcoin buyers and sellers. Besides, two laptops, a mobile, three credit cards, five debit cards, a passport, five seals of Unocoin company, a cryptocurrency device and Rs.1.8 lakh also has been recovered by the officials.
Harish has been produced before the Additional Chief Metropolitan Magistrate court, Bengaluru and sent to judicial custody for seven days.
The company is defending itself and saying that the kiosk machine was running for six months. Unocoin in its official statement claimed that the machine is still under final testing mode and it’ll be up and running soon. It has been temporarily moved from its original place of installation.
The company has also said that it was operating under the regulatory norms as the Indian government hasn’t declared it illegal. It also blamed Kannada and some English news channels for circulating fake videos against the ATM kiosk that led to the seizure.
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