HomeCryptocurrencyBengaluru Police seized India's first Bitcoin ATM, Co-founder arrested

Bengaluru Police seized India’s first Bitcoin ATM, Co-founder arrested

Reader's Pick

A Bengaluru police on Tuesday, sized an India’s first Bitcoin ATM kiosk, a few weeks after it was et up by the Unocoin Technologies, a crypto-exchange platform in India.

According to the Times of India reports, the police has arrested Harish BV, a co-founder and Chief Technology officer of Unicoin Technologies, from Rajajinagar while he was attending the crypto ATM which was installed in a shopping mall.

As per the reports, “The Central Crime Branch has seized a teller machine, two laptops, a mobile phone, three credit cards, five debit cards, a passport, five seals of Union company including cryptocurrency device and Rs 1.8 lakh. Harish was produced before the I ACMM court from where he was sent for seven days police custody.”

In a news reported by Bangalore Mirror on Wednesday, Alok Kumar a commissioner from the Bangalore city police said “Unocoin did not have a license from the RBI, the Securities and Exchange Board of India “or any other agency” allowing it to carry out bitcoin transactions.”

- Advertisement -

“They were running it without obtaining any trade license from the BBMP [Bangalore government],” he added.

However, Unicorn’s co-founder and CEO Sathvik Viswanath, denied this accusation by saying:

“His company business model is perfectly legal for Indians to buy, own or sell bitcoins, We got a lot of bad press after the finance minister announced a ban on cryptocurrency in Feb 2018.”

“The minister statement was clear: Cryptocurrency is not a legal tender in India, but he did not say it is an “illegal tender” too, there is a huge difference between both of these,” he added.

Subscribe to our Newsletters

We don’t spam! Read our privacy policy for more info.

- Advertisement -

Read latest Business News and Startup news on TechGraph. Watch live and latest news on TechGraph TV. Follow us on Facebook or follow us on Twitter and Instagram. Listen audio news from TechGraph Briefings on Spotify, Google Podcast, Amazon Music & on Apple Podcast.

Krishna Mali
Krishna Mali
Founder & Editor of TechGraph.

Latest News

Promoted Links

Related Stories

Paytm Payouts transfers Rs 1,500 crores

India-based e-wallet company, PayTM said, "Its Paytm Payouts has transferred ov...

Japan approves 26 trillion yen as economic stimulus package to combat overseas risks

Japan's cabinet approved an economic stimulus package worth 26 trillion yen ($2...

Sino-US trade war offers Europe’s chance to bank more Chinese reserves: Analysis

Should European countries want the euro to replace the dollar as the world's do...

Samsung Electronics asks its shareholders to use electronic voting for upcoming AGM

Technology giant Samsung Electronics has adopted electronic voting for the firs...

Rahul Gandhi hits on RCEP says, ‘Make in India’ has become ‘Buy from China’

Asserting that "Make in India" has become "Buy from China," Congress leader Rah...

Employees union seeks FIR against Jet Airways boss Naresh Goyal, Vinay Dube and on SBI Chairman

The employee union of Jet Airways, which is facing its worst crisis, Friday sou...

Rajesh Bysani joins Brainly as its new CPO

A New York headquarter peer-to-peer learning platform, Brainly has announced th...

Trustt Launches First Major GPT Product Suite for Banking Industry

Trustt - a leading SaaS cloud-based banking solution provider, today announ...

Passwordless authentication platform 1Kosmos sees significant growth in India

1Kosmos, a leading multi-factor authentication solution provider has reported a...

KlarifyLife, an HDFC Life Initiative, Launches ‘Term Guide’

KlarifyLife, an initiative by HDFC Life, has launched 'Term Guide', a custo...