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He sought time to file an affidavit by the following date of listening to within the case giving up to date place on the mechanism.
“As far as the stance of the Union of India just about the issues of cryptocurrency arising in several states is worried, the Further Solicitor Normal of India seeks and is granted 4 weeks’ time to file an acceptable affidavit,” the bench ordered on Friday.
Throughout the listening to, Justice Kant mentioned the court docket solely desires that there are acceptable safeguards to guard the widespread man from frauds and misuse of cryptocurrencies.
“We aren’t consultants on what sort of currencies it is best to have or regulate. If there is no such thing as a mechanism to manage it, then anybody can create a forex and begin transacting in it. It will likely be very harmful,” the bench instructed Banerjee.
The ASG assured that deliberations are happening however it’s an evolving query and he’ll file an affidavit giving particulars of it on the following listening to of the matter. The bench posted the matter for additional listening to on March 21. It was listening to a bail plea of 1 Ganesh Shiv Kumar Sagar booked for cryptocurrencies fraud in numerous states like Jharkhand, Maharashtra and Gujarat. He has additionally sought clubbing of varied FIR lodges towards him in several states.
The highest court docket made the interim safety from arrest granted to him on July 27, 2023 as absolute after counsel for the Jharkhand authorities submitted that he has joined the probe into the case and totally cooperating with the investigating officer.
The counsel for Sagar submitted that he undertakes to proceed to seem earlier than the Investigating Officer as and when required until the investigation reaches a logical conclusion.
On September 21, 2023, Legal professional Normal R Venkataramani, showing for the Centre, mentioned that the matter requires in depth consideration on the degree of the Union of India holding in view the home and worldwide perspective.
He had submitted that due deliberations can be made inside two-three months and this Court docket shall be apprised with the result on the earliest.
On July 27, 2023, the highest court docket had impleaded Ministry of Residence Affairs within the case and requested Banerjee to file a counter affidavit suggesting some complete mechanism for efficient investigation of the offences regarding cryptocurrency or alike.
It had granted safety from arrest to Sagar in a case registered at Ranchi.
