SC Transfers Bitcoin Scam Cases to CBI for Further Investigation and Trial in Delhi

SC Transfers Bitcoin Scam Cases to CBI for Further Investigation and Trial in Delhi

VoM News Desk | December 13, 2023 | 10:31 PM IST | Courts & Law | Follow on Google News

SC Transfers Bitcoin Scam Cases to CBI for Further Investigation and Trial in Delhi Image/PTI

SC Transfers Bitcoin Scam Cases to CBI for Further Investigation and Trial in Delhi

In a significant development, the Supreme Court directed over 40 FIRs linked to the Bitcoin cryptocurrency scam to be transferred to the Central Bureau of Investigation (CBI) for deeper scrutiny. The trial proceedings will now take place at a specialized CBI court in New Delhi.

The accused individuals, previously granted anticipatory bail, had their relief revoked by the court, emphasizing that they cannot impede the ongoing investigation.

A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra stressed that the accused, if not granted regular bail by other courts, should approach the Delhi High Court for relief.

The FIRs, initiated by various agencies including the CBI, Enforcement Directorate, and local police of multiple states, prompted the Supreme Court to dismiss 32 petitions filed by the accused. The court stated that the allegations in the FIRs warranted thorough investigation, necessitating the transfer of cases to the CBI.

Article 32 of the Indian Constitution was cited during the proceedings, allowing citizens to seek constitutional remedies directly from the Supreme Court when fundamental rights are infringed upon. However, the court asserted that exercising jurisdiction under Article 32 was not justified in this instance.

The bench also highlighted that the amount of Rs 1 crore deposited with the Supreme Court registry by the accused, as a condition for anticipatory bail, must be transferred to the trial court in Delhi.

The case involved Amit Bhardwaj, the main accused who later passed away, accused of running a multi-level marketing scheme involving Bitcoin investments promising high returns. Allegedly, Bhardwaj and other accused shut down the ‘gainbitcoin’ website to evade legal consequences and destroy evidence.

The Enforcement Directorate had reported around 47 FIRs against the accused for allegedly defrauding people across India, involving trading of 87,000 Bitcoins worth Rs 20,000 crore. The accused face accusations of duping investors with false promises of substantial returns through Bitcoin investments.

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