Keywords: Cryptocurrency, blue fox motion, legislative domain.
Manu Prashant Wig v. Union of India and Ors is a public interest litigation (PIL) petition that sought regulations for cryptocurrencies. The Supreme Court denied the petition on Friday.
Although the plea was filed under Article 32 of the Constitution, the bench that included Chief Justice of India DY Chandrachud and Justices JB Pardiwala and Manoj Mishra observed that the petitioner’s purpose seemed to be to get bail in a connected matter.
“We cannot entertain this. Other prayers lie in the legislative domain. The petitioner can approach other authorities for remedies under law,” the CJI said.
The petitioner’s attorney argued that since the cryptocurrency was bought voluntarily, there could be no crime under the Indian Penal Code for this kind of transaction.
However, the Court refused to entertain the matter further, opining that the petitioner could approach any other forum. The Court went on, “Why should the Supreme Court look into this?”
The Delhi Police’s Economic Offence Wing filed the petition in 2020, and Manu Prashant Wig is the petitioner currently detained in court. One of Blue Fox Motion Picture Limited’s directors is Wig.
They allege that he persuaded investors to put money into a scheme that promised a “exceptional, high rate of return.”
133 investors/victims, however, later complained to the EOW, claiming they had been duped and their money had not been reimbursed.
Anushka Shukla, Faculty of Law, University of Lucknow, Intern At Legal Vidhiya
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