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  3. Simpy Bharadwaj granted bail in Bitcoin Ponzi scam case by HC

Simpy Bharadwaj granted bail in Bitcoin Ponzi scam case by HC

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The Bombay High Court Grants Bail to Simpy Bharadwaj in Bitcoin Ponzi Scam Case

Court Decision on Bail for Simpy Bharadwaj

Bail Granted Due to Procedural Irregularities and Lack of Evidence

The Bombay High Court recently made a significant decision by granting bail to Simpy Bharadwaj, who was arrested in connection with a bitcoin-based investment ponzi scam case in December 2023. Simpy, known as the sister-in-law of the deceased main accused and director Amit Bharadwaj of Variabletech Private Limited, had been under scrutiny for her alleged involvement in obstructing an ED search operation.

Court’s Ruling on Arrest and Lack of Evidence

Justice Manish Pitale, presiding over the court, cited procedural irregularities and insufficient grounds for arrest as the basis for granting bail to Simpy Bharadwaj. The court deemed her continued detention unjustified, highlighting the lack of credible evidence linking her directly to any money laundering activities related to the fraudulent Bitcoin investment scheme. The court emphasized the importance of robust evidence in PMLA-related arrests, which was found lacking in this case.

Consideration of Simpy’s Status as a Woman and Mother

Taking into account Simpy’s status as a woman and a mother, the court referred to the necessity of special treatment for women under Section 45(1) of the PMLA. Acknowledging her familial responsibilities and the hardships caused by her arrest, the court concluded that she deserved bail. However, the court clarified that its decision on bail should not influence the future proceedings of the trial court.

This significant development in the case sheds light on the complexities of the legal system and the importance of due process in ensuring justice for all parties involved. The decision to grant bail to Simpy Bharadwaj marks a crucial turning point in the ongoing investigation into the bitcoin ponzi scam case.

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Simpy Bharadwaj granted bail in Bitcoin Ponzi scam case by HC
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The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
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