Supreme Court Asks Bitcoin Legality
The Supreme Court of India asked the central government about the legality of Bitcoin in India.
Supreme Court asked about the currency when he was listening to them natter related to GainBitcoin Scam.
Highlights
- Amit Bhardwaj is the main accused and was arrested in 2018.
- ED had sought to cancel Amit’s Bail Application paid in Special Court.
- The Court has decided to list the matter after four weeks.
Also Read: Cryptocurrency Fraud Worth Of Rs. 2 Crore In Bengaluru, Police Initiates Inquiry: Report
The Supreme Court of India, while entertaining a matter regarding the involvement of bitcoin asked the central government about the legality of Bitcoin.
The court was entertaining the matter of GainBitcoin Scam and the question arose when the petitioner asked the bail for Ajay Bhardwaj who is one of the co-accused among others in the case.
Additional Solicitor General Aishwarya Bhati said in her reply that Ajay Bharadwaj is engaged in a fraud case of Bitcoin.
The bench comprising Justice DY Chandrachud and Justice Surya Kant also said to the co-accused Ajay Bharadwaj to co-operate with the investigation extended his interim protection from arrest till the next date of hearing. The Court has been fixed the date of listening after four weeks.
Enforcement Directorate (ED) is dealing with a money laundering case under the provision of PMLA, 2002. The case was registered when the two FIR were lodged in Pune and Nanded.
The investigation has been reached a point where ED found that M/S variable tech Private Limited Singapore, the director of the company Amit Bhardwaj and his brother Ajay Bhardwaj including Vivek Bhardwaj, and his father Mahendra Bhardwaj planned a criminal conspiracy with some other accused person to cheat the general public at large based on its Website www.gainbitcoin.com.
Some projection also tells that the main accused Variabletech Private Limited was involved in the Cryptocurrency and Blockchain mining technology and was dealing with a mining firm in China.
The case is still pending and it is being assumed that the accused may have the foreign connection that will be revealed when the court will receive the copy of the response from the central government.
Nirmala Sitharaman in the current budget session has raised the issue of cryptocurrency and hence it announce regularizing the currency with the help of Digital Rupee that will be launched later under the ruling authority Reserve bank of India.
