4 Bitcoin Traders Arrested Due To Illegal Trading

[Marykeller]

By looking at what they arrested them with. You would strongly believe that they are into internet fraud. They brought the arrest up themselves. They are aware that bitcoin is illegal in their country and they went ahead to be using bitcoin which is prohibited. They just think that by using bitcoin they can't be traced. Anyway, Internet fraudsters are very fond of asking their client to pay in their bitcoin address

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[teosanru]

The news comes from Bangladesh that 4 people were arrested by RAB-5 (Rapid Action Battalion) for the purpose of illegal bitcoin trading. The news I read is in Bengali, and if I translate the news, then according to the news sources, those 4 people who are placed in Narshingdi are arrested not only for using bitcoin, though bitcoin is illegal in Bangladesh, but they are also being arrested because they are doing some kind of money laundering. According to the news, they first use some illegal and banned dating websites, then from other countries' people take dollars, then they convert those dollars into cash through the p2p method. Finally, they convert that cash into bitcoin again through the p2p method. So Bitocin is illegal, which means they did not pay taxes because of the p2p method, and RAB suspects they are involved in money laundering. So that's the overall news.
 
Now my closing statement on this matter is that no doubt this arrest is a good job because these guys are scamming people and laundering money, but in this case, the news portal highlights bitcoin that it is illegally traded. What I do think is good. Because they choose illegal paths like dating websites and money laundering, but you can't use balmebitcoin for this. That's my opinion. What do you think about this news? Please share it with us. Thank you.
 
News source.

The problem with the news website or any country's website is that it will always speak in favour of the government of that country. As Bitcoin is banned in Bangladesh, they have put the whole case as if they are doing illegal activities as they are trading bitcoin. I personally think this became this big of a news also only because bitcoin was involved otherwise such small level money laundering generally go unnoticed.

[suzanne5223]

though bitcoin is illegal in Bangladesh

I don't support what these guys did but if Bitcoin is illegal in Bangladesh. Why would the government expect the suspect to pay tax?

According to the news, they first use some illegal and banned dating websites, then from other countries' people take dollars, then they convert those dollars into cash through the p2p method. Finally, they convert that cash into bitcoin again through the p2p method. So Bitocin is illegal, which means they did not pay taxes because of the p2p method, and RAB suspects they are involved in money laundering. So that's the overall news.

If I get this information correctly, they seem to be involved in a romance scam, converted the victim fund into cash using the p2p method, convert the cash to BTC and later convert the BTC into their local fiat currency using the p2p method. Isn't it?

Because they choose illegal paths like dating websites and money laundering, but you can't use balmebitcoin for this. That's my opinion. What do you think about this news? Please share it with us. Thank you.
 

The guys in the picture are mature people and they should be responsible for their actions there is no reason whatsoever BTC should be blamed for this.

[livingfree]

So, they're not just illegally trading but also scamming people over the dating sites. I guess that they're pretending to be women so that they're easily given money when they ask to their prospect target.

They are probably doing that for long and have found some way to do and hide their transactions into bitcoin. But how they were tracked and traced?

Well, they deserve that and those people that they scammed and fooled didn't know who they were talking to and now the arrest has brought justice to them.

[n0ne]

It is the term bitcoin that attracts the common public to read the news. Even you could've passed the news as it is common to see such news of money laundering and illegal transactions. Just because of the term bitcoin, you read it and understood the real news. For now we can't blame the journalist or the news collector/editor. It is our responsibility to educate people to understand the real meaning of bitcoin. So, that even when such news gets circulated people won't get panic.

[stomachgrowls]

Now my closing statement on this matter is that no doubt this arrest is a good job because these guys are scamming people and laundering money, but in this case, the news portal highlights bitcoin that it is illegally traded. What I do think is good. Because they choose illegal paths like dating websites and money laundering, but you can't use balmebitcoin for this. That's my opinion. What do you think about this news? Please share it with us. Thank you.

Most of the time whenever these kind of news that do attached with Bitcoin then it does really give out that kind of bad impression towards Bitcoin specially to those people who hadnt much knowledge about bitcoin but directly make out their conclusion or impression would end up on being negative without even realizing that fiat had been always used on these illegal things.
Anyone would really be arrested if ever someone do commits out violation and laws of a specific country.If bitcoin is banned on your place then it would be just common sense that you would
really be avoiding it as much you could because you are much aware that on what would happen if ever government do knows or caught you on using it and it would be just normal that they would
impose those cases against you.

[darkangel11]

4 people were arrested by RAB-5 (Rapid Action Battalion) for the purpose of illegal bitcoin trading.

That's a funny one. They needed a whole battalion that has a name like it's a SWAT unit, to arrest some crypto traders. Talk about overreacting. They called an army to step on some ants there. Pathetic!

I bet they charged them with guns screaming "lay on the ground! hands on your head!"
-We got you you dirty traders. Wanted to exchange our beloved fiat money, a government property, into some worthless electronic money? Next time you decide to pay for something online know we're watching. Real money should be exchanged for real things!

[BITCOIN4X]

The main mistake that can ensnare them is the case of money laundering which is prohibited in any country. I don't think this is the first case of a bitcoin trader being arrested for money laundering, but this is the umpteenth case in my opinion.

Money laundering is the reason the government has been reluctant to legalize bitcoin so far in some countries, but I don't think bitcoin is to blame for that case because bitcoin is a medium that has just been abused. I won't believe if media that blames bitcoin unilaterally when it's actually the culprit.

[ChiNgadOr]

So, they're not just illegally trading but also scamming people over the dating sites. I guess that they're pretending to be women so that they're easily given money when they ask to their prospect target.

They are probably doing that for long and have found some way to do and hide their transactions into bitcoin. But how they were tracked and traced?

Well, they deserve that and those people that they scammed and fooled didn't know who they were talking to and now the arrest has brought justice to them.

I
Now I get the gist of the whole matter. These guys are actually scammers that use the tricky in the name of females to scammer people then recieves the funds in Bitcoin which is later sold through P2P trading. They do trade Bitcoin for cash later cash to Bitcoin but the source of their is through illegal practice.
They are real scammers and we don't have to see them as Bitcoin traders because they were not actually a trader but scammer which was very surprising to me at the first stance.

[ololajulo]

If we are talking about Bangladesh here there are many things to say like Bangladesh Bitcoin is not completely illegal it is kept at a neutral level now there are some people who think that dollar transaction is money laundering, I can see this in front of them keyboard mice there are many things in fact they are not criminals only if they have it. It has been seen many times in the past that people who used to sell dollars by p2p method have been caught by the police many times and objections have been raised against them that they are doing money laundering however the current situation seems to be Blockchain will be implemented in Bangladesh very soon let's see what happens.

Am confused with the information,maybe the information is not complete. Money laundering to me may not be scamming people so we might need some clarification as well, I also observed that those in Government are more into laundering than the regular citizens, so the allegation sometimes looks targetted. More so how did the P2P pay on dollar not the local currency, that's not proper as well.

[Oceat]

By looking at what they arrested them with. You would strongly believe that they are into internet fraud. They brought the arrest up themselves. They are aware that bitcoin is illegal in their country and they went ahead to be using bitcoin which is prohibited. They just think that by using bitcoin they can't be traced. Anyway, Internet fraudsters are very fond of asking their client to pay in their bitcoin address

Who knows what happens?

Ah, I see, I've read the replies above it seems that these people are doing some nasty thing that isn't acceptable cause they were scamming people through the other site. They may try to cover their tracks by trading in Bitcoin to hide who are they but they can't hide when they start scamming people from the site since their IP are present.

[Smartvirus]

My nation is not bitcoin friendly as well and still, we rank as one of the highest bitcoin adopters world wide. A trade once sue a government agency over a fraud case involving the trading of cryptocurrency and after providing all the evidence as per accurate records, the individual won against the agency following court rulings.

The point I'm trying to highlight here is, though bitcoin may be banned deonst mean its trading is also banned. Banning bitcoin might be subject to its use case for an acceptable currency for exchange within the country but trading it against other currency in the currency market is different or just my thoughts.

Another point in this is, the trades weren't illegal and the trader ensured accurate book keeping on his activities.

After reading the case in OP, it appears its an entirely different case. A case of fraud, using bitcoin. Unfortunately, the government are not going to relay the story the way it ought to be said.

[budi691]

but why Bitcoin is always blamed in every news related to the use of Bitcoin, surely these 4 people are breaking the law in this country, so it's only natural that they are arrested, whatever the problem is related to money laundering or fraud using Bitcoin, it doesn't mean Bitcoin is wrong but the wrong person is using it. Bitcoin

[livingfree]

So, they're not just illegally trading but also scamming people over the dating sites. I guess that they're pretending to be women so that they're easily given money when they ask to their prospect target.

They are probably doing that for long and have found some way to do and hide their transactions into bitcoin. But how they were tracked and traced?

Well, they deserve that and those people that they scammed and fooled didn't know who they were talking to and now the arrest has brought justice to them.

I
Now I get the gist of the whole matter. These guys are actually scammers that use the tricky in the name of females to scammer people then recieves the funds in Bitcoin which is later sold through P2P trading. They do trade Bitcoin for cash later cash to Bitcoin but the source of their is through illegal practice.
They are real scammers and we don't have to see them as Bitcoin traders because they were not actually a trader but scammer which was very surprising to me at the first stance.

That's what likely they do.

The money they're getting from scamming people over dating sites are being transferred into exchanges or P2P websites for them to convert it into a non-trackable transaction.

Yes, they're real scammers and only does trade when they're about to convert the money they've scammed from those victim of theirs over dating sites.

Well, who knows how much they've collected from doing this. They seemed to be not new to this.

[lucates]

Newspaper or the whole media world will go with the title which is more attractive so they will get more readers and engagement respectively but in the article if they mentioned the actual reason for this arrest is kind of shady activities involved not only for doing trading with cryptocurrencies.

Money laundering was common even before bitcoin. Maybe it's easy to use crypto currencies. Money laundering and terror financing is unknowingly happening even though we have all these strict laws and punishments. Among countries without any proper coordination and acceptance of crypto-currencies, how can we expect their misuse will be stopped?

[Findingnemo]

Newspaper or the whole media world will go with the title which is more attractive so they will get more readers and engagement respectively but in the article if they mentioned the actual reason for this arrest is kind of shady activities involved not only for doing trading with cryptocurrencies.

Money laundering was common even before bitcoin. Maybe it's easy to use crypto currencies. Money laundering and terror financing is unknowingly happening even though we have all these strict laws and punishments. Among countries without any proper coordination and acceptance of crypto-currencies, how can we expect their misuse will be stopped?

The laundering and funding for the anti government organisations will never stop because they are stuck with many old traditional methods than going with updates so the laundering by small groups of people are common and it is not really considerable when we calculate the crime rate of same with fiat money so this is just for the flashy so it will get more attention.

[FanEagle]

I think the media exaggerates the related side of Bitcoin for bad news headlines because India has banned Crypto activity, if we analyze all news content then the influence of crypto should not be related because it is the fault of the perpetrators to deceive others under the guise of illegal dating service sites and operate fake business investments. . In conclusion, without the involvement of Bitcoin then they are still perpetrators of fraud, but what if they use fiat currency, then should fiat be banned?

We see other reports for different cases, The Rapid Action Battalion has arrested 4 perpetrators for being involved in illegal Bitcoin transactions in Bangladesh, just stop there and we will see further facts, The four perpetrators buy videos from "dark" porn sites and then sell them and they are experts at hacking credit cards to buy bitcoins. And again, it has almost nothing to do with Bitcoin, so it's all just an effort to pressure people to avoid using crypto.

That is what my approach has always been about and people do not see that. They say bitcoin is used to buy drugs, well dollars are used to buy drugs too, they say bitcoin is used to hire killers, well so far it was dollars that people used, they say it's used for money laundering the most, well how did people launder money before 2009?

Moreover, people could say that bitcoin is being used for bad stuff but we all know it is currency that is used for it somehow, even without bitcoin there will be people who will use fiat and still do the bad things and that will not be okay with me neither, hence do not ban the crypto world, ban the bad peoples work.

[boris singer]

Newspaper or the whole media world will go with the title which is more attractive so they will get more readers and engagement respectively but in the article if they mentioned the actual reason for this arrest is kind of shady activities involved not only for doing trading with cryptocurrencies.

Money laundering was common even before bitcoin. Maybe it's easy to use crypto currencies. Money laundering and terror financing is unknowingly happening even though we have all these strict laws and punishments. Among countries without any proper coordination and acceptance of crypto-currencies, how can we expect their misuse will be stopped?

Things like this are difficult, because as you said, money laundering has existed for a long time, so things like this are ingrained not only in one region or country, maybe even in almost all countries like this.
Stopping this kind of thing is impossible especially when there are several high-profile and vested people involved. why things like this especially laundering through bitcoin are always the most highlighted, because this is a medium to bring in money because when money laundering is reported, it's actually quite different when there is "Crypto" or "bitcoin" in the news.

[TimeTeller]

Newspaper or the whole media world will go with the title which is more attractive so they will get more readers and engagement respectively but in the article if they mentioned the actual reason for this arrest is kind of shady activities involved not only for doing trading with cryptocurrencies.

Money laundering was common even before bitcoin. Maybe it's easy to use crypto currencies. Money laundering and terror financing is unknowingly happening even though we have all these strict laws and punishments. Among countries without any proper coordination and acceptance of crypto-currencies, how can we expect their misuse will be stopped?

Things like this are difficult, because as you said, money laundering has existed for a long time, so things like this are ingrained not only in one region or country, maybe even in almost all countries like this.
Stopping this kind of thing is impossible especially when there are several high-profile and vested people involved. why things like this especially laundering through bitcoin are always the most highlighted, because this is a medium to bring in money because when money laundering is reported, it's actually quite different when there is "Crypto" or "bitcoin" in the news.

That is very right, as the media can highlight the role of bitcoin in yet another illegal activity.
But the fact is, money laundering is out of control also when it comes to fiat.
The bad thing here in this news is, these people may really had scammed people via btc.
But if they are just maybe trading for personal reasons, they may not be captured by their authorities, even if we say, crypto is banned in Bangladesh.

[KennyR]

Newspaper or the whole media world will go with the title which is more attractive so they will get more readers and engagement respectively but in the article if they mentioned the actual reason for this arrest is kind of shady activities involved not only for doing trading with cryptocurrencies.

Money laundering was common even before bitcoin. Maybe it's easy to use crypto currencies. Money laundering and terror financing is unknowingly happening even though we have all these strict laws and punishments. Among countries without any proper coordination and acceptance of crypto-currencies, how can we expect their misuse will be stopped?

Things like this are difficult, because as you said, money laundering has existed for a long time, so things like this are ingrained not only in one region or country, maybe even in almost all countries like this.
Stopping this kind of thing is impossible especially when there are several high-profile and vested people involved. why things like this especially laundering through bitcoin are always the most highlighted, because this is a medium to bring in money because when money laundering is reported, it's actually quite different when there is "Crypto" or "bitcoin" in the news.

That is very right, as the media can highlight the role of bitcoin in yet another illegal activity.
But the fact is, money laundering is out of control also when it comes to fiat.
The bad thing here in this news is, these people may really had scammed people via btc.
But if they are just maybe trading for personal reasons, they may not be captured by their authorities, even if we say, crypto is banned in Bangladesh.

Yes, these people should've involved with some form of scam in the name of bitcoin. All around the world more such traps and scams are operating. We need to be careful while dealing with such kind of investment schemes. In my region the people who doesn't have basic understanding are spreading and canvassing to get into cryptocurrency investment.