Arla Gangadhar vs The State Of Telangana
2025 Latest Caselaw 3144 Tel

Telangana High Court

Arla Gangadhar vs The State Of Telangana on 17 March, 2025

      THE HONOURABLE SRI JUSTICE K.SURENDER

      CRIMINAL PETITION Nos.12654, 12657, 12658
                  & 12660 OF 2024

COMMON ORDER:

These Criminal Petitions are filed by the petitioner

/accused No.4, seeking to quash FIR.No.427 of 2024, on the file

SHO, P.S., Nirmal Town, Nirmal. The offences alleged against

this petitioner are under Sections 318(4), 316(2) and 61(2)

r/w.3(5) of the Bhartiya Nyaya Sanhitha (BNS), Section 5 of the

Telangana State Protection of Depositors from Financial

Establishments Act (TSPDFEA) and Sections 21, 22, and 23 of

the Banning of Unregulated Deposit Schemes Act (BUD).

2. Since the petitioner/accused is one and the same in all

the petitions and is seeking quashment of similar proceedings,

all the petitions are heard together and disposed off, by way of

this common order.

3. Heard Sri Ashish Deep Verma, learned counsel for the

petitioner and Sri M.Vivekananda Reddy, learned Assistant

Public Prosecutor for the respondent - State. Perused the

record.

4. The crime was registered against this petitioner and

others mainly on the ground that the petitioner and others were

involved in the scheme of Crypto currency/virtual currency.

5. The petitioner was arrested, and released on bail.

6. Learned counsel appearing on behalf of the petitioner

would submit that the method of trading in Crypto

currency/virtual currency was in fact upheld by the Hon'ble

Supreme Court in Internet and Mobile Association of India

vs. Reserve Bank of India 1, and subsequent to the said

judgment, the Reserve Bank of India had issued proceedings

vide RBI/2021-25/45 in DOR.AML.REC.18/14.01001/2021-

22, stating that the circular issued by RBI vide

DBR.No.BP.BC.104/08.13.102 /2017-18 dated April 06,2018,

with regard to the prohibition on dealing in Virtual Currencies

(VS's) is no longer valid and the trading in Crypto

currency/virtual currency is valid.

7. The above said aspects shall be considered by the Police

during investigation and also the specific role played by this

petitioner. The investigation shall be concluded on the basis of

the above cited judgment of the Hon'ble Supreme Court.

Manu/SC/0264/2020

8. With the above observation, the Criminal Petitions are

disposed off. Miscellaneous applications pending, if any, shall

stand closed.

_________________ K.SURENDER, J Date: 17.03.2025 dv

THE HON'BLE SRI JUSTICE K.SURENDER

CRIMINAL PETITION No.12658 OF 2024

Dt. 17.03.2025

dv