Although the future of Cryptocurrency is quite promising in the near future, it is subject to some risk as the digital coin is not regulated by any financial authority and therefore, sometimes it’s quite difficult to get a redressal against fraud or a complaint. Recently, a case has been reported from the West Delhi district, Moti Nagar, where an accused used to purchase bitcoins from the Delhi based seller through the top-notch intermediary Binance multiple times and would transfer funds into his bank account against any Bitcoin buying.
However, all this while, the cryptocurrency exchange named, “Binance” acted as an intermediary and a watchdog against the whole process of the transaction. Thereafter, the bank accounts of the victim got frozen and later all his bitcoin transactions were termed illegal. After this, the victim filed a complaint against the same in his nearest police station, however, when the police did not take action on this matter, the complainant appealed in the court to issue direction to the police for the registration of a criminal case against the accused, followed by a thorough investigation.
Later on Thursday, that is, on 1st July 2021, referring to the case, “Hitesh Bhatia vs. Mr Kumar Vivekanand“, the Delhi court under the bench of Metropolitan Magistrate, Abhinav Pandey ordered the Moti Nagar police station to register an FIR on the complaint of a Bitcoin seller after the bank account of the victim were frozen and all his Bitcoin transactions were considered as illegal.
The jury also ordered that a careful and meticulous investigation is required in this matter, moreover, he also ordered the police to take into consideration all the fraud committed by the accused. Judge Pandey also stated that the police are also required to inspect, whether there has been any kind of wrongdoing on the part of the victim (the bitcoin seller) and also from the side of the intermediary, here Binance obviously.
The Judge also stated that while the digital coin has not been banned in India as of today, such digital currency transactions would yet have to comply with the prevailing laws which include, Tax Law, RBI regulations, and other acts, including Anti-Money Laundering requirements and Combating of funding of terrorism. The Magistrate also gave a statement saying that it is the sole responsibility of the intermediaries to protect and safeguard the interest of both the buyers as well as of the sellers who are using them to carry the cryptocurrency trading. Stay tuned with us, for more such news.
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