Just days after cryptocurrency exchange Unocoin installed India’s first Bitcoin ATM in Bengaluru, the city’s cyber crime police seized the kiosk and arrested the company’s co-founder Harish BV on charges of running the business “outside the remit of the law,” multiple local media sources revealed on Wednesday.

“They did not have any licence from RBI, Sebi or any other agency to carry out the bitcoin transaction. They were running it without obtaining any trade license from the BBMP,” Alok Kumar, a commissioner from the Bangalore city police, said as quoted by Bangalore Mirror.

According to the reports, the Central Crime Branch (CCB) of the local police force have also seized two laptops, a mobile, three credit cards, five debit cards, a passport and Indian rupees worth about $2,500. After Harish’s arrest, he was presented at the court of the Additional Chief Metropolitan Magistrate and was further remanded i…

This article appeared first on Cryptovest

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