<![CDATA[Bengaluru: An unauthorized financial firm which does not have permission to deal with financial transactions have been examined by the Central Crime Branch and arrested its CEO and cofounder. They arrested Sathvik Vishwanath on Wednesday a day after they arrested the company’s Chief Financial and Compliance Officer Harish B.V. According to the police, the company had installed the first cryptocurrency kiosk, or ATM, in a mall on Old Airport Road without taking the necessary permissions from the State government. Unocoin came under the CCB’s radar as investigation was in process by the CCB in connection with a complaint by a Bengaluru-based businessman who claimed to have been conned by Pramod Kullar, a representative of a financial firm. On Pramod’s advice the businessman transferred Rs.3 lakh to Pramod who told him that he would invest the money in cryptocurrency, which would yield a quick profit. He disappeared a few days later. Even as Pramod was not linked to Unocoin, the investigation led the police to the company. According to investigators, the founders had not obtained permission to run financial transactions. The police said that they had also not given any written specification to their investors about the transaction details.]]>
