Factual Matrix
In the instant case of Ganesh Shivkumar Sagar v. State of Maharashtra a plea for regular bail in a criminal case filed under the Penal Code’s Sections 406 and 409, the Gujarat Financial Establishments Act’s Sections 3 and 4, and the Prize Chits and Money Circulation Schemes Banning Act’s Sections 4, 5, and 6. A freelance digital marketer who has lodged many First Information Reports against himself in different states has submitted a plea for regular bail. The co-accused’s business, Bitsolives, is accused of helping the petitioner a free-lance digital marketer launch the cryptocurrency Bux Coin. The petitioner identified himself as Bitsolives’ director and master distributor, and the firm sold cryptocurrencies to investors from other states. The petitioner and his co-accused from Dubai established a fake exchange called Cash Finex, luring investors to sell their cryptocurrencies through the site. After some time, the site purportedly shut down, and the business vanished. The petitioner has been detained since April 30, 2022, and is presently being held in Gujarat’s judicial
Observation of Court
Given that the petitioner had been in detention since April 30, 2022, the division bench of Supreme Court Justice Surya Kant and Justice Dipankar Datta granted him bail.
The trial hadn’t started yet, the charge sheet had been submitted, and the court acknowledged that it would likely take some time to reach a decision. The Court was also concerned that some of the co-accused may have fled, which might cause the ongoing trial to be postponed. The Court ordered the petitioner’s release despite finding substance in the State’s concerns about the likelihood of misusing the concession of bail and being wary of the prospect of the petitioner evading capture or restarting his Bitcoin operation. The petitioner was required to submit the actual title documents to a property in Delhi, a passport, and other requirements in order for bail to be granted. The Court also restricted the petitioner’s access to the websites of Bitsolives, Cash Finex, and any other similar platforms, with the exception of the prior approval of the competent He was forbidden from reactivating Bitsolives, the Exchange Cash Finex, or any other online module to conduct the sale-purchase of cryptocurrencies by the relevant authorities.
CASE NAME – Ganesh Shivkumar Sagar v. State of Maharashtra, SLA (Cri) No. 268 /23