SC asks Centre to make its stand on Bitcoin clear

Supreme Court (SC) has asked the Centre to make its stand vis-à-vis Bitcoin’s legality clear and tell the stakeholders concerned whether it is legal or not while hearing the Ajay Bhardwaj vs Union of India case. This case was pertaining to Amit Bharadwaj- an alleged mastermind of a Bitcoin scam.
 
The top court has asked Bharadwaj to cooperate with the investigation. Bharadwaj has also got interim protection from arrest.
 
“We direct the petitioner to meet with the IO and cooperate with investigation. The IO shall file a status report showing the cooperation meted out by the petitioner accused,” Justice DY Chandrachud was quoted as saying by Bar and Bench. He further added that the Enforcement Directorate (ED) director filed a status quo report on the case on July 30, 2021.
 
Additional Solicitor General (ASG) Aishwarya Bhati said that the government will make its stand vis-à-vis Bitcoin absolutely clear. ASG Bhati added that the case involves 87,000 Bitcoins and the accused is not cooperating with the investigation. She also noted that agencies had issued multiple summons to the accused.
 
The ED had issued summons to Amit Bharadwaj and the other accused – Hemant Bhope, Akash Sancheti and others – on January 1, 2021. Multiple summons were also issued to Amit Bharadwaj’s brothers – Ajay Bharadwaj, Vivek Bharadwaj and their mother Bimla Devi.
 
For the unversed, Bharadwaj was the alleged mastermind behind the GainBitcoin scam and was arrested in March 2018. He was later granted bail by the Supreme Court on April 3, 2019. Bharadwaj had founded various companies and is infamous for running the MLM (multi-level marketing) scheme that promised 10 per cent returns – the GainBitcoin scam.