The Delhi High Court has declined to grant anticipatory bail to an individual accused in a cyber fraud case involving the transfer of approximately Rs 1 crore worth of cryptocurrency. Justice Swarana Kanta Sharma noted that the case prima facie involved an "organised cyber fraud" related to digital currency, emphasizing that the custodial interrogation of the accused was essential for the investigation.
Details of the Case
According to the complaint, the accused, identified as Gaurav, met the complainant through a mutual friend in 2024. Subsequently, Gaurav requested the complainant to provide digital currency valued at Rs 1 crore. The complainant initially refused, but after persistent promises of lucrative investment opportunities, the complainant transferred 111,247 USDT, a cryptocurrency stablecoin.
The court was informed that the cryptocurrency was moved from the complainant's digital wallet to a wallet controlled and operated by the accused. After retaining a portion, the accused allegedly transferred approximately 104,526 USDT to his associates, including a co-accused.
Legal Proceedings
The First Information Report (FIR) was registered by the Delhi Police in 2025 under charges of cheating, criminal breach of trust, and conspiracy. The accused argued that he was falsely implicated and claimed he merely acted as an intermediary. However, the court stated that merely joining the investigation does not entitle the accused to anticipatory bail. Without custodial interrogation, the police would be unable to access the wallets or trace the complete proceeds of crime.
"His custodial interrogation is stated to be necessary for unearthing the larger conspiracy," the court observed.
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