LI Network
Published on: November 11, 2023 at 12:35 IST
The Supreme Court dismissed a Public Interest Litigation (PIL) that sought guidelines for the trading and mining of cryptocurrencies.
The bench, comprising Chief Justice of India DY Chandrachud and Justices JB Pardiwala and Manoj Mishra, declined to consider the plea, noting that despite being filed under Article 32 of the Constitution in the format of a PIL, it appeared to primarily aim at securing bail for the petitioner in a related case.
The petitioner, Manu Prashant Wig, is currently in judicial custody due to his involvement in a case filed by the Economic Offence Wing (EOW) of Delhi Police in 2020. As one of the directors of Blue Fox Motion Picture Limited, he faces accusations of enticing individuals to invest in a scheme promising exceptionally high returns. Following complaints from 133 investors who alleged fraud and non-repayment, Wig found himself in legal trouble.
During the proceedings, the petitioner’s counsel argued that purchasing cryptocurrency was a voluntary act and should not be considered an offense under the Indian Penal Code (IPC). However, the court was not inclined to entertain the plea.
Chief Justice DY Chandrachud remarked, “You want bail from our court, you pursue your remedies before the appropriate court for the grant of bail. Why should we entertain? These are basically bail applications styled under the garb of Article 32 petitions.”
The bench emphasized that the petitioner should seek remedies in the appropriate court for bail and stated, “Parliament will do it, we will not issue any directions.”
Also Read: CRYPTOCURRENCY: LAWS IN INDIA