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The Russian authorities recently arrested three men in Russia for their alleged involvement in the illegal sales of digital currency Bitcoin in the past few years. The authorities are further investigating the men for such high volume of trades without acquiring a license and not paying taxes on their earnings.
According to the reports of the local newspaper, the trio allegedly traded Bitcoins worth more than 500 million Russian rubles, without a license. A criminal case is being developed against the men for selling Bitcoins illegally by the authorities.
How Were They Caught?
The investigators noticed unusual activity in the 300 banks cards and SIM cards linked to various bank accounts with most of the trades related to Bitcoin business. Some of the money from these trades was also transferred to bank accounts of the family members of the illegal traders arrested.
With the rise in popularity, the Russian government is further trying to increase its efforts to examine any activity involving crypto currencies. The government intends to prevent tax evasion related to digital assets through these investigations.