“A Threat to the Financial System”: An Indian Court Takes a Hard Line on Crypto Crime

The Delhi High Court in India has denied bail to a businessman accused of a major crypto investment fraud The judge warned that such schemes can turn legitimate funds into “dark, unknown, and untraceable money” The ruling comes as India’s courts are pushing for a comprehensive regulatory framework for crypto The Delhi High Court in India denied bail to Umesh Verma, a businessman accused of defrauding 61 people through a crypto investment scheme, with the judge issuing a stark warning that such schemes pose a threat to the nation’s financial system. The court ruled that such schemes pose a threat to India’s financial system by converting recognized money into untraceable digital assets. The Court’s Ruling: A “Flight Risk” with a History of Fraud Justice Girish Kathpalia said crypto-related offenses are not only complex but also carry severe consequences for the broader economy. Kathpalia emphasized that cryptocurrency dealings could “dissolve legitimate money into dark, unknown, and untraceable money.” Related: India Probes Crypto Use in Terror Financing Linked to Pakistan The court described Verma as a serious flight risk and pointed to hi… The post “A Threat to the Financial System”: An Indian Court Takes a Hard Line on Crypto Crime appeared first on Coin Edition .