LUCKNOW: Virtual currency fraud was reported in the city for the first time. An advocate lodged an FIR against a New Delhi-based businessman for duping him of 1.5 Bitcoin at Hussainganj police station. Udayganj resident Shailendra Nath Shukla used to be involved in share market trading but having burnt his fingers, he started dabbling with virtual currency trading.Bitcoin is a worldwide digital currency which is used for transfer of funds between peers without any role of an apex bank and a single unit was last traded for Rs 56,800 in India on Wednesday. Since demonetisation, Bitcoin trade is fetching 25% additional premium over its value owing to increased demand.For the past 10 months, Shukla remained member of an online group which traded Bitcoins through Facebook and WhatsApp. He came in contact with Rajkumar Sharma, a businessman from Nangloi, New Delhi.The two used to deposit money into each other’s bank accounts before transferring Bitcoin to the unique address. On October 2 morning, Sharma called up Shukla and asked him to transfer some bitcoins. Two months back, value of a single Bitcoin was Rs 42,300.“I transferred 1.5 Bitcoin to Sharma the same day and he owed me Rs 63,450 at that time and promised to transfer the amount next day,” said Shukla. As time passed, Sharma, who claims to be director of a video production house with offices in Noida Film City and Mumbai, made no payment.November 9 onwards Shukla grew desperate as Bitcoin exchange rates started spiraling in India after demonetisation. “I did not want to invest money and asked Sharma to return 1.5 Bitcoin or equivalent amount to me,” said Shukla.Sharma started avoiding him by not responding to calls or messages. Last week, the two spoke to each other on phone and there was a heated exchange. On November 25, Shukla approached Hussainganj police station and got an FIR registered against the businessman.DIG Lucknow range Praveen Kumar said, “IPC sections 419 and 420 have been pressed against Sharma. It is the first time fraudulent transaction of virtual currency has been reported to police. Further probe is on and case may be assigned to inspector level officer with sections under IT Act.”