In an interesting case of money laundering, four persons from the city of Pune, in just 49 days misused the Unified Payments Interface (UPI) app of Bank of Maharashtra. These money launderers siphoned off Rs 6.14 crore from several accounts of 23 branches in Pune district, for investment in cryptocurrency Bitcoin. The amount was invested in Bitcoin through three companies based in Ahmedabad viz
- Zeb IT Services Pvt Ltd
- Oracle Retail Pvt Ltd
- Milton Medocore Pvt Ltd
Police have frozen all three accounts of the companies which were involved in the transactions of Bitcoin, a virtual currency legalised in few countries but yet to get the Reserve Bank of India (RBI) nod. The cybercrime cell of Pune police recovered Rs 4.58 crore from the accused, which involved Bitcoin of Rs 1 crore.
Bitcoin, given its nature of encrypted technology, is not regulated yet has high returns on investment, attracting thousands of people worldwide.