The Supreme Court of India has refused to consider a Public Interest Litigation (PIL) seeking to formulate a framework of regulations and guidance for cryptocurrency trading in India. After hearing the complaint, a bench headed by the Chief Justice of India (CJI) reportedly said that the petitioner's demand was more legislative in nature. A bench of Justices JD Pardiwala and Manoj Misra dismissed the plea considering the nature of the petition. The Supreme Court observed that although the petitioner filed a PIL seeking regulation and guidance on cryptocurrencies and their trading, the underlying objective was to obtain bail.

Notably, petitioner Manu Prashant Wig is currently detained by Delhi Police in connection with a cryptocurrency case. The Economic Offenses Wing (EOW) of Delhi Police filed a case in 2020, alleging that Wig lured individuals to invest in cryptocurrencies by promising higher returns. According to reports, Manu Prashant Wig serves as one of the directors of Blue Fox Film Co., Ltd. to attract personal investment. The victim then reported the fraud to the Delhi Economic Offenses Wing (EOW). A total of 133 investors or victims of investment funds have filed lawsuits claiming Wig defrauded them.

Seeking relief from judicial detention, petitioner Manu Prashant filed a PIL seeking regulations and framework for cryptocurrency trading in India. Although the Supreme Court dismissed the PIL, the bench allowed the petitioner, who is currently in jail, to seek legal remedies and approach other relevant authorities.

The Supreme Court of India has refused to consider a Public Interest Litigation (PIL) seeking to formulate a framework of regulations and guidance for cryptocurrency trading in India. After hearing the complaint, a bench headed by the Chief Justice of India (CJI) reportedly said that the petitioner's demand was more legislative in nature. A bench of Justices JD Pardiwala and Manoj Misra dismissed the plea considering the nature of the petition. The Supreme Court observed that although the petitioner filed a PIL seeking regulation and guidance on cryptocurrencies and their trading, the underlying objective was to obtain bail.

Notably, petitioner Manu Prashant Wig is currently detained by Delhi Police in connection with a cryptocurrency case. The Economic Offenses Wing (EOW) of Delhi Police filed a case in 2020, alleging that Wig lured individuals to invest in cryptocurrencies by promising higher returns. According to reports, Manu Prashant Wig serves as one of the directors of Blue Fox Film Co., Ltd. to attract personal investment. The victim then reported the fraud to the Delhi Economic Offenses Wing (EOW). A total of 133 investors or victims of investment funds have filed lawsuits claiming Wig defrauded them.

Seeking relief from judicial detention, petitioner Manu Prashant filed a PIL seeking regulations and framework for cryptocurrency trading in India. Although the Supreme Court dismissed the PIL, the bench allowed the petitioner, who is currently in jail, to seek legal remedies and approach other relevant authorities.