Delhi HC denied bail to a businessman in a crypto scam, warning that crypto dealings can dissolve legal money into untraceable funds. The court cited serious economic and legal concerns.
The Supreme Court of India expressed concerns about the unregulated status of cryptocurrencies like Bitcoin during a recent hearing. While the government taxes crypto transactions at 30%, it lacks a regulatory framework. Justice Suryakant emphasized the risks and potential illegal uses of cryptocurrencies, calling for a structured legal approach.
A petition filed in the Delhi High Court seeking regulation of cryptocurrencies and an investigation into the recent BitBNS crisis. BitBNS, a prominent Indian cryptocurrency exchange, faced backlash after users reported withdrawal freezes, sparking concerns among investors. The court has now directed the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) to respond to the issue. This case highlights the growing need for stronger oversight in India’s cryptocurrency sector.
Yesterday, On 27th June, The Karnataka High Court raised concerns about senior police officers not being investigated in the Bitcoin scam while granting bail to a DSP-rank officer. The officers are accused of embezzling 31 Bitcoins valued at Rs 9 crore, which were reportedly seized from a hacker through unauthorized means. The SIT is investigating further.
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The Orissa High Court in India ruled that cryptocurrency dealings are not illegal under Indian law, stemming from a case involving a Ponzi scheme. Justice Sasikanta Mishra clarified that cryptocurrency is not defined as “money” or “deposit” under specific acts, thus separating its legality from fraudulent activities. The accused’s investment strategy did not support claims of cheating, leading to the court’s conclusion.
The Karnataka High Court has denied anticipatory bail for two senior police officials involved in a high-profile Bitcoin scam. Inspector Chandradhara S R and Deputy Superintendent of Police Shridhar K Pujar were accused of manipulating evidence and aiding illegal activities. This decision underscores the court’s commitment to upholding the integrity of the judicial process in cases of corruption and malfeasance.
