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  India   Crime  09 Dec 2017  UP STF unearths Bitcon racket

UP STF unearths Bitcon racket

THE ASIAN AGE.
Published : Dec 9, 2017, 12:15 am IST
Updated : Dec 9, 2017, 12:15 am IST

Bitcoin falls under the scope of crypto-currency and the value of a bitcoin depends on availability and demand.

This comes two days after the Reserve Bank of India  cautioned users, holders, and traders of virtual currencies including bitcoins.
 This comes two days after the Reserve Bank of India cautioned users, holders, and traders of virtual currencies including bitcoins.

Lucknow: Unearthing a bitcoin exchange fraud racked in Lucknow, the UP STF arrested the mastermind of the Allahabad-based racket on Thursday.

This comes two days after the Reserve Bank of India  cautioned users, holders, and traders of virtual currencies including bitcoins. ASP STF Triveni Singh said on Friday that bitcoin is a virtual or digital currency that uses the rules of cryptography for generation of units of currency.

Bitcoin falls under the scope of crypto-currency and the value of a bitcoin depends on availability and demand.

Meanwhile, the accused has been identified as Mohd Azhad alias Ashraf of Dhoomanganj, Allahabad. The ASP said that the fraud came to fore after a businessman, complained to the STF's cyber crime cell a few days ago.

The ASP said the fraudsters basically created a user ID on different virtual currency exchange websites and put bitcoins on sale. They first lured traders to purchase the bitcoins at low prices and even transferred some into their e-wallets to win their trust. He said, “After this, the fraudsters got the original currency transferred and opened on forged identities when the traders demanded the bigger amount. They disappear after withdrawing money from their bank account.”

Tags: fraud, reserve bank of india, bitcon racket, bitcon