Bitcoin Forum

The Central Crime Branch (CCB) on Wednesday arrested the CEO and co-founder of Unocoin Technologies, Sathvik Vishwanath, a day after they arrested the company’s Chief Financial and Compliance Officer Harish B.V. There are lot of Rumors circulating behind the arrest of Sathvik Vishwanath and Harish B.V, As per the reports in the local media, the arrest of Unocoin Co-founder Harish BV is on the grounds that the company did not take appropriate permissions before installing the machine. So What are your thoughts about the arrest and will this arrest affects the Indian Traders and Holders those who wants to convert Crypto to Fiat

Full news here - https://www.thehindu.com/news/cities/bangalore/ccb-arrests-ceo-of-unocoin-technologies/article25313768.ece

The company had installed a cryptocurrency kiosk in a mall
The Central Crime Branch (CCB) on Wednesday arrested the CEO and co-founder of Unocoin Technologies, Sathvik Vishwanath, a day after they arrested the company’s Chief Financial and Compliance Officer Harish B.V.

According to the police, the company had installed the first cryptocurrency kiosk, or ATM, in a mall on Old Airport Road without taking the necessary permissions from the State government.

Unocoin came under the CCB’s radar while they were investigating a complaint by a Bengaluru-based businessman who claimed to have been conned by Pramod Kullar, a representative of a financial firm. The businessman transferred ₹3 lakh to Pramod who told him that he would invest the money in cryptocurrency, which would yield a quick profit. However, a few days later, Pramod disappeared.

Though Pramod was not linked to Unocoin, the investigation led the police to the company. According to investigators, the founders had not obtained permission to run financial transactions. “They had also not given any written specification to their investors about the transaction details,” said the police.