<h1>Sebi Targets Illegal ICOs Promising High Returns Amid Lack of Crypto Regulation; Potential Laws Against Fraud Considered.</h1> Market watchdog Sebi plans to crack down on illegal initial coin offerings (ICOs) promising high returns from Bitcoins and other virtual currencies due to the lack of regulatory oversight. Sebi does not intend to regulate these schemes, as cryptocurrencies are not approved by the RBI or any agency. Many ICOs in India are suspected Ponzi or pyramid schemes, with some not involving actual cryptocurrencies. The RBI has disapproved of these currencies, and tax authorities have investigated exchanges. Regulators are considering applying laws against black money and fraud to protect investors, with a multi-regulatory panel potentially addressing the issue.