Indian's first bitcoin ATM in Bengaluru seized, co-founder held

Bengaluru, Oct 24: 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, which police called illegal as it had been set up without approvals.

Harish B V (37), a resident of Jayanagar West in Tumakuru, is one of the four co-founders of Unocoin which claims to be India's first entrant in the bitcoin space. The police have seized two laptops, five debit cards, one passport and few other documents from him.

In a statement to the media, the Cyber Crime department of the Central Crime Branch (CCB) stated, "The ATM kiosk installed by Unocoin in Bengaluru's Kempfort Mall has not taken any permission from the state government and is dealing in cryptocurrency outside the remit of the law."

The ATM was expected to be operational soon for its registered customers.

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.