The police in Bangalore has arrested the co-Founder of Unocoin , Harish BV for what it describes as an illegal installation of an ATM kiosk at Kemp Fort Mall on Old Airport Road.
According to reports from the English-Language daily Times of India on Oct 24, Harish BV and Sathvik Viswanath, who are both co-Founders of Unocoin are accused of setting up an unregistered Bitcoin ATM machine in Bangalore.
In a previous article, Coinstituency reported on the activities of Unocoin which is allowing the digital asset exchange navigate around the regulatory restrictions within the industry. The use of Bitcoin ATMs was identified as a major development in this line. However, with respect to the arrest made by the police in Bangalore, the Central Crimes Branch (CCB) claims that the ATM installation did not receive “any permission from the state government and is dealing in cryptocurrency outside the remit of the law.”
Items reported to have been seized by the CCB official during the arrest include “a teller machine, 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.”
Even though both co-Founders of Unocoin were accused of the said offence, only 37 year old Harish had been arrested as at the time of writing.
Prior to the arrest, the activities of Unocoin in resolution to the Bitcoin ATM installation had been surrounded with some level of controversy. This informed a tweet from the exchange on Oct 20:
Harish is expected to remain in police custody for seven days, on the orders of an ACMM (Additional Chief Metropolitan Magistrate) court. Investigations are expected to continue as the police notes that more arrests are likely. Meanwhile, the public is warned to be wary of being enticed by the possibility of making huge profits though cryptocurrency.
Iyke Aru is a seasoned author and educator in the blockchain and cryptocurrency industry. He has been in the business of crypto content writing for many years with thousands of his articles across several platforms on the internet. Iyke is based in Nigeria where he stands out as one of the most informed and credible figures in the cryptocurrency industry. Outside blockchain and crypto, you will most likely catch Iyke playing or discussing football with friends and family.