CRYPTOCURRENCY FRAUD: DELHI COURT ORDERS POLICE TO LODGE FIR ON FRAUD ALLEGATIONS BY BITCOIN SELLER The Court opined that there is a need to probe the alleged fraud committed by the accused, as well as whether there was any wrongdoing on the part of the complainant-seller and the intermediary involved. A Delhi court on Thursday directed the Moti Nagar Police to register a First Information Report (FIR) on the complaint of a Bitcoin seller after bank accounts to which funds were transferred by the accused for Bitcoin purchase were frozen and the transactions marked as illegal (Hitesh Bhatia vs. Mr. Kumar Vivekanand). The Judge noted that while cryptocurrency has not been prohibited in India as on today, such virtual currency transactions would still have to comply with general laws such as "PMLA, IPC, FERA, NDPS Act, Tax laws, and RBI regulations regarding KYC (know your customer), CFT (Combating of funding of terrorism) and AML (Anti-money laundering requirements).” Reddy & Reddy Law Firm is renowned law firm in Pune, our litigation team is handling varied matters - Civil, Criminal law & Intellectual property laws as well.