2026 (2) TMI 1443

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....islative framework governing the functioning, operation, and regulation of these companies. He has impleaded various Government Authorities as respondents. 3. As per the case set up by the Petitioner, he joined Respondent No. 1, a cryptocurrency exchange platform, in September 2021. The Petitioner states that he invested a total sum of Rs.14,22,000/-. As on 19.01.2026, the value of the Petitioner's investment with Respondent No. 1 is estimated at Rs.5,00,000/-, which is equivalent to 0.12781604 Bitcoin. 4. Since 2021, the Petitioner has withdrawn a total sum of Rs.9,22,000/- from his overall investment holdings with Respondent No. 1. However, on 14.05.2025, when the Petitioner sought to withdraw a further sum of Rs.1,00,000/-, the sai....

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....o.12 and Respondent No.13 to jointly and severally release the Petitioner's monies invested by him on the Respondent No.1's cryptocurrency exchange;" 7. If Prayer (B) is considered to be the first prayer, the same seeks a direction for constitution of a Special Investigation Team under the aegis of the Central Bureau of Investigation (CBI). No doubt, the High Court, in exercise of its powers under Article 226 of the Constitution of India, is fully empowered to direct investigation by the CBI. However, such recourse is to be taken only in exceptional circumstances. Reference to the decision of the Supreme Court in State of W.B. v. Committee for Protection of Democratic Rights, [(2010) 3 SCC 571] wherein it was held that a direction by the....

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....anting the constitution of a Special Investigation Team. There is no material indicating any exceptional circumstance. There is no F.I.R. registered at the instance of the petitioner. If the petitioner so desires, he may not only take recourse to lodging of an F.I.R., but can also approach the jurisdictional Magistrate in accordance with law. In case of non-registration of F.I.R., appropriate remedies are available under the statutory framework. Hence, the Prayer (B) cannot be acceded to. 11. With respect to Prayer (C), it may be noted that Respondent Nos. 1, 12 and 13 are not "State" within the meaning of Article 12 of the Constitution of India. They are not discharging any public functions. They, therefore, are not amenable to the writ....