Supreme Court Grants Bail To Man Booked For Cryptocurrency Fraud

[Bitcoin Smith]

A division bench of Justice Surya Kant and Justice Dipankar Datta granted bail in the case registered by Gujarat police in Surat noting that the investigation was complete and the charge-sheet had been filed and the trial may take some time to commence. The Apex Court also took into consideration that he had been in custody since 30.04.2022.

The Court however imposed several bail conditions including the surrender of his passport and restricted him from indulging in the sale or purchase of crypto currency.

“We, however, find merit in the apprehension of the State that the possibility of misuse of concession of bail cannot be ruled out as the petitioner might abscond or start the business of crypto currency again to allure the innocent investors.” The Court stated while imposing stringent bail conditions.

Supreme Court Grants Bail To Man Booked For Cryptocurrency Fraud In Four Different States

https://www.livelaw.in/top-stories/supreme-court-grants-bail-to-man-booked-for-cryptocurrency-fraud-in-four-different-states-233836

I just wanted to ask that from such kind of instances we can expect regulations for cryptocurrency scams which will be more effective to prevent people from committing such activities.

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[pakhitheboss]

I am a big supporter of regulation in the cryptocurrency domain. There might be many benefits of using this domain but there are many illegal activities that can be performed with ease too. The problem with our government is that it wants Indian economy to grow through those fields that are already been utilised by the top 4 world economics. They are simply copying the US and following the Chinese. They don't want anything else to help Indian economy.

Look what SEC is doing in the US and what China has already done in the mainland with cryptocurrency. They are doing the same thing and until anyone out of these two come up with a regulation our government won't venture into that zone. This is why a lot of Indians are now migrating to countries that are encouraging emerging technologies like cryptocurrency. I am not expecting a regulation from the Indian government till next year.

[Bureau]

Sometimes I question myself when I hear a weired verdict from our judiciary whether it was correct or not. Not questioning the judiciary but in present times there have been instances where verdicts from higher courts have made a nuisance of their understanding about the law. Coming back to question asked by OP, regulations won't stop financial crime if they were effective then many fiat currencies fraud would have stopped.

[pawanjain]

Sometimes I question myself when I hear a weired verdict from our judiciary whether it was correct or not. Not questioning the judiciary but in present times there have been instances where verdicts from higher courts have made a nuisance of their understanding about the law. Coming back to question asked by OP, regulations won't stop financial crime if they were effective then many fiat currencies fraud would have stopped.

Indian law is not very strict to be honest and people keep violating law and keep getting away with it with an ease.
Those who are powerful and have a strong political background are the ones who violate the law more often.
Getting bail has become easy for people who have more money and it's always the poor people who suffer a lot.

Regulation in crypto industry is definitely needed but stringent laws are needed across various sectors of Indian law.
The ones committing crime should think 10 times before committing the crime and creating such laws should be the goal for the Supreme Court.

[elevates]

Regulation in crypto industry is definitely needed but stringent laws are needed across various sectors of Indian law.
The ones committing crime should think 10 times before committing the crime and creating such laws should be the goal for the Supreme Court.

The supreme court has asked the government of India, Why still no law on crypto, Supreme Court asks Union government. This happened last Thursday and is related to the same issue pointed out by the OP.

The Supreme Court (SC) on Thursday directed the Union government to bring on record whether it intends to set up a federal agency to investigate criminal cases involving cryptocurrencies, terming it “unfortunate” that the Centre still does not have a law to regulate digital currencies, nor does it have an expert agency in place to probe such matters.

I assume we can expect an answer from the government in regard to regulation soon. Time to just wait and watch.

[Bitcoin Smith]

I am not expecting a regulation from the Indian government till next year.

Every political part in India focused more on the next election, how to buy the candidate, how to aggravate the people with religion etc. Hopefully the next generation will not fall for this non sense abd will pick the right leaders and policy makers.

regulations won't stop financial crime if they were effective then many fiat currencies fraud would have stopped.

Because the laws aren't strict enough, which is why criminals are not hesitant to break them because they know with money the justice can be bought in our country.

The ones committing crime should think 10 times before committing the crime and creating such laws should be the goal for the Supreme Court.

If we can policies that will make this happen then India will surpass every other country in every aspects especially economically because we know we have all the resources we need.

I assume we can expect an answer from the government in regard to regulation soon. Time to just wait and watch.

This is really good news but the answer will be most likely we are working on it then it will be buried.

[elevates]

This is really good news but the answer will be most likely we are working on it then it will be buried.

I was expecting that as an answer from you.

Sometimes being positive is all we need to make us happy. I had a positive mindset and your reply made it negative. I know nothing would happen as Supreme Court can only ask and the government can snub them or not reply at all. For once this issue got the media attention. As a Bitcoin community member, it made me happy to see the Supreme Court asking a genuine question from the government. The reason was simple the monsoon session of parliament was in progress. I was expecting the leftover opposition would ask the government about it. Which was too much for me to expect from any opposition political party. 

[pawanjain]

This is really good news but the answer will be most likely we are working on it then it will be buried.

I was expecting that as an answer from you.

Sometimes being positive is all we need to make us happy. I had a positive mindset and your reply made it negative. I know nothing would happen as Supreme Court can only ask and the government can snub them or not reply at all. For once this issue got the media attention. As a Bitcoin community member, it made me happy to see the Supreme Court asking a genuine question from the government. The reason was simple the monsoon session of parliament was in progress. I was expecting the leftover opposition would ask the government about it. Which was too much for me to expect from any opposition political party. 

Even I have read somewhere that Supreme Court is "pushing" the Indian government to create proper regulations.
If the Supreme Court has taken this initiative then I think it will keep following up with the government until regulations are in place.
Once that is done I think we will have a better situation for the Indian crypto community. I hope the 30% flat tax decreases soon.

[elevates]

Even I have read somewhere that Supreme Court is "pushing" the Indian government to create proper regulations.
If the Supreme Court has taken this initiative then I think it will keep following up with the government until regulations are in place.
Once that is done I think we will have a better situation for the Indian crypto community. I hope the 30% flat tax decreases soon.

This not the first time that the government has been questioned about regulation. Last I remember there was a lady MP that had questioned the government on how taxation would work without cryptocurrency regulation. Our FM didn't even bothered to answer her questions. They are busy in rolling out digital INR & with upcoming elections. Did anyone noticed India's digital INR doesn't have the face of Gandhi. The opposition did not even look into this while the ruling party is quietly changing everything. With the national currency.

[Bitcoin Smith]

Did anyone noticed India's digital INR doesn't have the face of Gandhi. The opposition did not even look into this while the ruling party is quietly changing everything. With the national currency.

We can't expect anything more if we have leaders such as

Finance minister - with no knowledge about finance
RBI Governor - Who will agree to whatever the central government says
Prime Minister -  Who never address people's struggle

And the list goes on indefinitely.

[pakhitheboss]

Did anyone noticed India's digital INR doesn't have the face of Gandhi. The opposition did not even look into this while the ruling party is quietly changing everything. With the national currency.

We can't expect anything more if we have leaders such as

Finance minister - with no knowledge about finance
RBI Governor - Who will agree to whatever the central government says
Prime Minister -  Who never address people's struggle

And the list goes on indefinitely.

I won't say that our current ministers are not competent enough to hold such governing position. The might not be as interested in our domain as they are in other. In just 10 years time India has become an economic giant. They might have committed mistakes but we can't ignore the fact that our country has developed a lot from what it used to be earlier. I am wating for the G20 meeting to start as a lot of confusion in our domain would be clear. There are an indication that a global regulation might come up in the meeting.

[pawanjain]

Did anyone noticed India's digital INR doesn't have the face of Gandhi. The opposition did not even look into this while the ruling party is quietly changing everything. With the national currency.

We can't expect anything more if we have leaders such as

Finance minister - with no knowledge about finance
RBI Governor - Who will agree to whatever the central government says
Prime Minister -  Who never address people's struggle

And the list goes on indefinitely.

I won't say that our current ministers are not competent enough to hold such governing position. The might not be as interested in our domain as they are in other. In just 10 years time India has become an economic giant. They might have committed mistakes but we can't ignore the fact that our country has developed a lot from what it used to be earlier. I am wating for the G20 meeting to start as a lot of confusion in our domain would be clear. There are an indication that a global regulation might come up in the meeting.

Can't disagree with this. India has become better in so many things in the last 10 years and has achieved many things which Congress wasn't able to.
I won't say that the current PM is the best but from my perspective he is still far better than any of the previous ones.
We cannot ignore what he has done for the country and it's just that we would need to stay patient for the time being while things are not in place for Indian crypto community.
Our time will surely come and we just have to be ready for that.