As per a regional media outlet, a businessman based in the northern part of Bengaluru lost around 2 Cr rupees while converting the cash into cryptocurrency. While talking to police, Shriharsha V told police that he managed to collect a lot of money to import machinery from Germany for his new business.
He notes that he was trying to convert the cash into cryptocurrency to make a payment to the company from whom he was buying the machinery.
While investigating the issue, police officials found that the incident occurred at a shop called AK Enterprises near the MS Palya signal, Vidyaranyapura, around 4:30 pm.
Shriharsha told the officials that two people, Benjamin Harsha and Rakshith, promised to convert the cash into USDT. When the money was counted at the shop, five to six men rushed in, with a man with a knife in his hand.
The man with the knife ordered them to fill the cash in the bag and hand it over to them. Shriharsha informed the police that the robber with the knife had hit him with the knife’s handle before fleeing.
Converters ran after the heist, raising concerns over their involvement
The victim of the heist noted while talking to police that Benjamin Harsha and Rakshith also ran following the robbery, raising concerns over their involvement in this crime.
Following the complaint from Shriharsha, the police department has registered a case for dacoity under BNS section 310 (2).
A police official investigating the case said the converters Benjamin Harsha and Rakshith would be questioned about their possible involvement.
Yet police are still working on the case and also do not rule out the possibility that the main victim might have planned their robbery.
According to the available information, Shriharsha was running a company called Aerivon Oxygen Pvt Limited, yet the money lost in the theft was collected from friends, including other connections, to begin a cold-pressed oil business.
The payment for the machinery was to be done in USDT, a globally popular stablecoin used for trades and payments. To convert the collected cash into USDT, Shriharsha came in contact with Harsha and Rakshith through mutual friends.
India needs clear regulations to curb growing crypto crime
According to available reports, India is one of the nations that has topped the crypto adoption index in 2023 and 2024, yet the government of the nation doesn’t legally recognise Bitcoin and other cryptos.
Despite legalisation, India is also among the nations charging huge taxes on the income generated from digital assets and blockchain-based currencies.
It is worth noting that, due to a lack of proper rules and regulations, the majority of cryptocurrency holders in India have preferred offshore exchanges to avoid unwanted consequences.
