Bitcoin fraud has become increasingly difficult to prove and quantify. In India, one person reported such fraud through a FIR. The perpetrator in question is a New Delhi-based businessman, who apparently scammed the victim for 1.5 Bitcoin. This type of peer-to-peer cryptocurrency trading always carries certain risks, and outcome of a transaction is never guaranteed.
Given the global appeal, Bitcoin has, it is not uncommon for individuals to look for alternative purchasing options. Not everyone wants to deal with a cryptocurrency exchange, as their verification process can take up valuable time. Peer-to-peer trades, such as through LocalBitcoins, are quickly becoming favorites among Indian residents.
But when a business transaction goes awry, the situation becomes hectic rather quickly. This particular business deal revolves around the sum of 1.5 Bitcoin, worth Rs 61,450 at that time. Both individuals have a history of conducting cryptocurrency trades, as they used to deposit funds in each other’s bank accounts.
Setting A Bitcoin Precedent With A FIR?
However, one party transferred the 1.65 Bitcoin to the other person, without receiving the bank funds first. Unfortunately, that payment was never made, leading to a dispute. As time progressed, the seller saw no other