[2016-02-10] ToI: Card frauds used bitcoins to trade money - page 2.

deadley

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Quote from: chronicsky on February 11, 2016, 08:42:09 AM

That's a shocking as well as sad news...
Had dealt with Pankaj not much in long , though 4-5 times but he has been a great member to Bitcoin Indian Community..

Does anyone knows what exactly is the issue? I want to hear view of someone who might know the incident personally rather than media report.

What will happen to Bitcoin users in India after this Incident Huh

I got call from many trader today and yesterday night, all were very depressed with this news, and was saying they will all slowdown trade atleast for some months till this news cool down.

chronicsky

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Activity: 2828

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Just looking for peace

That's a shocking as well as sad news...
Had dealt with Pankaj not much in long , though 4-5 times but he has been a great member to Bitcoin Indian Community..

Does anyone knows what exactly is the issue? I want to hear view of someone who might know the incident personally rather than media report.

What will happen to Bitcoin users in India after this Incident Huh

dashingriddler

legendary

Activity: 1258

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Been reading articles on other publications on this issue. It is so crazy that they are coloring bitcoin and trying to show it in wrong light. Just the hot news hungry media !

Benson Samuel

legendary

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Landscaping Bitcoin for India!

Quote from: deadley on February 10, 2016, 09:40:39 AM

Quote from: Jeremias on February 10, 2016, 06:14:12 AM

Quote from: Benson Samuel on February 09, 2016, 11:49:00 PM

Quote from: polynesia on February 09, 2016, 07:44:41 PM

I am not too familiar with the real life identities of the people in this forum, but isn't escrow.ms' real name also Pankaj Bharadwaj?

Yeah. Not a very pleasant piece of news.
http://coinsecure.tumblr.com/post/139031335450/a-change-in-coinsecure

How do you ascertain motive of a person buying or selling bitcoin. Is a person guilty of not ascertaining the motive of the opposite party? Do we have to ascertain the purpose of the buy and sell ? more importantly, is it illegal to buy and sell bitcoins in India, as stressed by the police? In that case many of us are guilty, as we have traded in bitcoins. Where has RBI stated that buying and selling of bitcoins illegal? Huh

RBI did not said it's illegal but also did not said too it's legal. That is the main problem. It's just loop hole we all using this time now.

I don't think had anything to do with the legality of Bitcoin.
This had more to do with the way it was used in this instance.

There is no where that the RBI has mentioned Bitcoin or any other Crypto Currencies to be Illegal

deadley

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Quote from: Jeremias on February 10, 2016, 06:14:12 AM

Quote from: Benson Samuel on February 09, 2016, 11:49:00 PM

Quote from: polynesia on February 09, 2016, 07:44:41 PM

I am not too familiar with the real life identities of the people in this forum, but isn't escrow.ms' real name also Pankaj Bharadwaj?

Yeah. Not a very pleasant piece of news.
http://coinsecure.tumblr.com/post/139031335450/a-change-in-coinsecure

How do you ascertain motive of a person buying or selling bitcoin. Is a person guilty of not ascertaining the motive of the opposite party? Do we have to ascertain the purpose of the buy and sell ? more importantly, is it illegal to buy and sell bitcoins in India, as stressed by the police? In that case many of us are guilty, as we have traded in bitcoins. Where has RBI stated that buying and selling of bitcoins illegal? Huh

RBI did not said it's illegal but also did not said too it's legal. That is the main problem. It's just loop hole we all using this time now.

P.S. Pankaj Arresting is not a good news for Indian bitcoin communities. It will hurt all of us.

Jeremias

newbie

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Quote from: Benson Samuel on February 09, 2016, 11:49:00 PM

Quote from: polynesia on February 09, 2016, 07:44:41 PM

I am not too familiar with the real life identities of the people in this forum, but isn't escrow.ms' real name also Pankaj Bharadwaj?

Yeah. Not a very pleasant piece of news.
http://coinsecure.tumblr.com/post/139031335450/a-change-in-coinsecure

How do you ascertain motive of a person buying or selling bitcoin. Is a person guilty of not ascertaining the motive of the opposite party? Do we have to ascertain the purpose of the buy and sell ? more importantly, is it illegal to buy and sell bitcoins in India, as stressed by the police? In that case many of us are guilty, as we have traded in bitcoins. Where has RBI stated that buying and selling of bitcoins illegal? Huh

Jeremias

newbie

Activity: 56

Merit: 0

There are few disturbing trend to the news

indeed escrow.ms is Pankaj Bharadwaj

but the most disturbing part is the statement by JCP ( Joint Commissioner of Police) Ravindra Yadav - "The police claim that the Reserve Bank of India has decreed illegal all trade and use of virtual currencies as a medium for payment." (source http://timesofindia.indiatimes.com/city/delhi/Card-frauds-used-bitcoins-to-trade-money/articleshow/50922983.cms) - which is not true. RBI has not decreed Bitcoins illegal in any ways. Is this an illegal frame up of Pankaj? You cannot charge somebody who sells a knife, for murder?

So, in essence, according to Delhi Police, anybody or everybody associated with buying or selling of bitcoins in India, are involved in an illegal trade. That includes Zebpay, Coinsecure, Unocoin, all the sellers on Localbitcoins and others. Last but not least, Localbitcoins.com is also a party to the crime - as a facilitator.

So guys, if you have bought or sold bitcoins then be prepared for a knock on your door or a visit to the nearest police station.

Benson Samuel

legendary

Activity: 1890

Merit: 1000

Landscaping Bitcoin for India!

Quote from: polynesia on February 09, 2016, 07:44:41 PM

I am not too familiar with the real life identities of the people in this forum, but isn't escrow.ms' real name also Pankaj Bharadwaj?

Yeah. Not a very pleasant piece of news.
http://coinsecure.tumblr.com/post/139031335450/a-change-in-coinsecure

polynesia

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Activity: 1358

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I am not too familiar with the real life identities of the people in this forum, but isn't escrow.ms' real name also Pankaj Bharadwaj?

polynesia

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Merit: 1000

Card frauds used bitcoins to trade money

http://timesofindia.indiatimes.com/city/delhi/Card-frauds-used-bitcoins-to-trade-money/articleshow/50922983.cms

The busting of an international syndicate of debit card cloners on Tuesday has unearthed the use of bitcoins to avoid detection. The money siphoned from ATM machines was converted into the cryptocurrency and distributed among the people involved in the crime.

Pankaj Bhardwaj, operations manager of a bitcoin trading firm in Pitampura, was arrested on Tuesday, thought the crime branch is still on the trail of the suspected kingpin, Sumair Sheikh, who is believed to be based in Dubai. Since the accused had access to crucial information related to the ATM cards, the cops also suspect a bank official's role in the racket.

Topic: [2016-02-10] ToI: Card frauds used bitcoins to trade money - page 2. (Read 2962 times)