Quote from: dizz on October 07, 2017, 07:45:48 PM

A good news to all Deepak Chawla haters!!

"In a first for city, Bitcoin trader nabbed for fraud
Sep 24, 2017, 11:45 IST

BHOPAL: In what could be the first arrest related to Bitcoin, cyber cell on Saturday nabbed a Delhi-based alleged Bitcoin trader who has duped several victims across the country in name of exchanging their money to Bitcoin.

The accused who is said to be into this trade for the past seven years allegedly indulged in hawala transactions during demonetisation. He allegedly used to contact the victims through WhatsApp and after finalising the deal asked them to deposit money in his bank account. On receiving the money, he used to change his number. One Bitcoin is equal to around Rs 2.5 lakh. It was around Rs 4500 in 2013.

SP (cyber-cell) Shailendra Singh Chouhan said that the accused was nabbed following a complaint filed by Shubham Jain, resident of Airport Road, Lalghati, against the accused around eight months ago.

Jain claimed that he registered himself on an online website localbitcoins.com on which Bitcoins are traded between buyers and sellers. After the registration, a person who introduced himself as Abhishek Kumar contacted him on his mobile through WhatsApp. Both finalised a deal and Jain deposited Rs 25,000 in his account for Bitcoins. Subsequently, the accused switched off his number. Police registered a case on his complaint.

During investigations it came to light that the accused Deepak Chawla, 37, a resident of New Delhi who is a graduate from Delhi University, had committed the fraud with Jain. A police team was sent to Delhi and the accused was nabbed. During interrogation, he told police that he himself became a victim of fraud in a similar manner seven years ago and adopted the same modus operandi to dupe others. He registered himself on the localbitcoins.com website and his id was 'btcltc'. He used to contact the user registered on site through WhatsApp chat and fraudulently got money deposited into his account.
He said that when the Union government imposed withdrawing limit from bank accounts during demonetisation he earned as much as Rs 25,000 to Rs 30,000 per day by helping people indulging in hawala transactions. He got crores of rupees invested in Bitcoins through such persons.

SP Chouhan said that police had to struggle hard to arrest the accused as his family has affixed a board outside their house claiming that they have disowned Deepak. Police later found it was false and the family was supporting him.
Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralised digital currency, since the system works without a central repository or single administrator. It was invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto and released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain."

Source: https://timesofindia.indiatimes.com/city/bhopal/in-a-first-for-city-bitcoin-trader-nabbed-for-fraud/articleshow/60811682.cms

This is great news, finally the scammer is behind bars. Hopefully people stop looking at Bitcoin as a criminals currency now!