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Supreme Court Transfers 40+ Bitcoin Scam-Related FIRs to CBI

Supreme Court has nullified the anticipatory bail granted to the accused in the Bitcoin scam probe. The court, citing the need to avoid obstruction to the ongoing investigation, vacated its previous order on August 30, 2019, providing relief in the form of pre-arrest bail to the accused.

By: Team Pardaphash  Pardaphash Group
Supreme Court Transfers 40+ Bitcoin Scam-Related FIRs to CBI

New Delhi: The Supreme Court made a decisive move on Wednesday by directing the transfer of more than 40 FIRs related to the Bitcoin cryptocurrency scam to the Central Bureau of Investigation (CBI) for a thorough investigation. Additionally, the court revoked the anticipatory bail granted to the accused, emphasizing the importance of preventing obstruction to the ongoing probe.

Supreme Court Transfers Bitcoin Scam Cases to CBI, Trial in Delhi

A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra stated that the accused, currently on anticipatory bail, cannot impede the ongoing investigation. The court nullified its previous order from August 30, 2019, which had granted the accused pre-arrest bail.

The trial of the cases linked to the FIRs will now be conducted at a special CBI court at Rouse Avenue in New Delhi. The FIRs were filed by various agencies, including the CBI, Enforcement Directorate, and local police from multiple states.

The court further specified that the ₹1 crore deposited by the accused with the apex court registry as a condition for anticipatory bail will be transferred to the trial court in Delhi.

The cases involved trading 87,000 Bitcoins worth ₹20,000 crore, with the accused, including Amit Bhardwaj and family members, allegedly duping investors through false promises of high returns. The Supreme Court’s decision marks a crucial step in ensuring a thorough investigation into the Bitcoin scam.

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