Earlier in October, the developers of India’s first Bitcoin (BTC) “ATM” were arrested in the city of Bangalore under criminal charges, in a case that has shaken the local startup community and cast a spotlight on the lack of clarity surrounding “the law of the land” in regard to crypto.
While the official Freedom of Information Report (FIR), detailing the charges against the men, is not in the public domain, the mainstream media has reported that they were booked under serious criminal charges, including criminal conspiracy, cheating, and forgery.
From the gravity of the alleged charges, you’d be forgiven for assuming the suspects were deceitful fugitives, yet they are two of the co-founders of the country’s first cryptocurrency exchange, Unocoin. Described by Kashif Raza, of the local blockchain advisory duo “Crypto Kanoon,” as being among India’s “brightest” tech pioneers, and an “icon of the crypto industry.”
Their high-profile arrest and remand in police custody for seven days thus carries undeniable symbolic clout, perceived as being tantamount to putting innovation itself behind bars.
Cointelegraph spoke with Kashif Raza to unravel the story, as well as consulting with local cyber expert lawyer, Prashant Mali, whose periodic interjections, “yeh kahan se aa gaya?” (“where did this come from?”), encapsulate the local crypto community sentiment in the wake of the arrests.