The co-founder of India’s own bitcoin start-up was arrested on Tuesday for setting up the country’s first cryptocurrency ATM in the city without government permission.
The cyber crime police arrested 37-year-old Harish B V and seized two laptops, five seals of his company, a cryptocurrency device and Rs 1.79 lakh in cash from him. A native of Tumakuru, Harish is the co-founder of Unocoin, which is based out of Rajajinagar.
The cryptocurrency ATM, set up at Kemp Fort Mall on Old Airport Road, went live on Monday.
The inspector of the CCB’s fraud and misappropriation squad filed a complaint with the cyber crime police, saying Harish and others are involved in cryptocurrency business and planning to commit online fraud. They installed the cryptocurrency kiosk to cheat the general public. The First Additional Metropolitan Magistrate has remanded Harish in police custody for interrogation, a senior officer said.
Police have urged the general public not to fall into the trap of cryptocurrency on the pretext of making a lot of money in a quick time.