Bail declined in alleged crypto investment fraud, as investor complaints, bank trails and flight risk pointed to a serious economic offence.

Bail was declined in allegations of cheating, criminal breach of trust, misappropriation and criminal conspiracy arising from a crypto-currency investment scheme. The Court relied on complaints from multiple investors, bank trail material, the applicant's alleged role as proprietor and authorised signatory, and use of registration documents and a rent agreement to open accounts and collect funds. It also noted continued receipts after the RBI circular cautioning against virtual currency dealings, the alleged closure of the office, departure to Dubai, and the large-scale economic character of the offence affecting many investors. On that material, release on bail was found inappropriate.

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Issues: Whether the applicant was entitled to bail in a case alleging cheating, criminal breach of trust, misappropriation and criminal conspiracy arising out of investments collected in a crypto-currency scheme.

Analysis: The application was considered on merits after the medical plea did not survive. The material on record showed multiple complaints from investors, bank account trail, the applicant's role as proprietor and authorised signatory of the firm, use of registration documents and rent agreement for opening bank accounts, collection of money from victims, and continuation of receipts even after the RBI circular cautioning against dealings in virtual currencies. The Court also noted that the applicant had allegedly closed the office and gone to Dubai, while the investigation reflected a large number of investors and substantial money collected. In view of the nature of the allegations and the character of the offence as an economic offence affecting a large number of investors, release on bail was not considered appropriate.

Conclusion: Bail was declined.

Final Conclusion: The applicant remained in custody, as the Court found no ground to enlarge him on bail in view of the seriousness of the alleged economic offence and the material collected during investigation.

Ratio Decidendi: Bail may be refused where the record discloses a prima facie role in a large-scale economic offence involving investor deception, money trail evidence, and a risk of evasion, especially after filing of the charge sheet.

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