In a strong criticism of cryptocurrency dealings, the Delhi High Court has refused to grant bail to Umesh Verma, a businessman accused of cheating at least 61 people of over Rs 50 crore by promising them 20-30% monthly returns on cryptocurrency investments.
“Dealing in cryptocurrency has profound implications on (the) economy of our country by way of dissolution of recognised money into the dark, unknown, and untraceable money,” said Justice Girish Kathpalia in the July 14 order.
The court stated that Verma misused the mediation…
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