Unocoin's 2nd co-founder, 'Sathvik Vishwanath' has been arrested by the Cyber Crime Branch (CCB) close on the heels of its co-founder Harish BV.
They have so far recovered two-laptops, Unocoin's kiosk, mobile phone and a crypto device in the first arrest and have seized a laptop and mobile phone during the 2nd arrest.
Indian media loves sensationalism and most of the news is projected in the same manner. Despite the facts being clear, media outlets such as TOI have repeatedly called Unocoin's cash dispensing machine as 'Bitcoin ATM.'
According to the TOI sensationalist article:
DCP (crime) S Girish said the RBI has stated that cryptocurrencies are illegal. The kiosk, police said, was a platform for bitcoin buyers and sellers and hence, illegal. They suspect Viswanath has destroyed evidence — online transaction trails and customers’ details — stored in the laptops.
The Unocoin founders were booked under IT Act section 66 (computer-related offences) and IPC sections 120b (criminal conspiracy), 420 (cheating), 465 (forgery), 474 (possession of forged documents) and 471 (fraudulently using forged documents).
Now the funny part is that even the police in this case are under the impression that cryptocurrencies are illegal. They are not illegal. However, the law makers and upholders remain clueless. Media which is supposed to be writing factual news is mis-reporting.
In the past some of us in the crypto community in India were aware of Unocoin's employees being threatened by the police, CBI, IT-Dept and other government agencies. It seems Unocoin's PR move to install the kiosk gave the Indian media as well as the CCB an intent to launch another anti-crypto drive.
However, here's the most recent update from Sathvik:
I will update more on this as we go. However, at this point it's extremely hard to trust Indian media with any cryptocurrency related reports. They are doing more bad than good to the growth of cryptocurrencies in India.
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