Canadian pios held for bitcoin fraud

New York: Two Indian-origin Canadian nationals have been charged on various counts in a bitcoin fraud case where they used social media platform Twitter to transfer hundreds of thousands of dollars worth of virtual money in their accounts.

 Karanjit Singh Khatkar, 23, and Jagroop Singh Khatkar, 24, of Surrey would face one count each of conspiracy to commit wire fraud and money laundering, five counts of wire fraud, three counts of aggravated identity theft and multiple counts of money laundering. Bitcoin is a digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

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