New Delhi, Jul 14 (PTI) The Delhi High Court on Monday said dealing in crypto currency has profound implications on the country's economy by way of "dissolution of recognised money into the dark, unknown and untraceable money".

Justice Girish Kathpalia therefore denied bail to a businessman in a corruption case related to crypto currency.

Also Read | Shubhanshu Shukla Returning to Earth: Axiom-4 Astronauts Board SpaceX Dragon Spacecraft, Begin Journey Back Home After Historic ISS Mission.

"Dealing in crypto currency has profound implications on economy of our country by way of dissolution of recognised money into the dark unknown and untraceable money. The allegations against the accused in this multi-victim scam are quite serious, more so in the light of his antecedents of involvement in as many as 13 more cases of similar nature," the court said.

Umesh Verma was arrested in December 2020 and was currently out on interim bail in the matter.

Also Read | Karnataka Shocker: Man Stabbed to Death for Demanding Extra Chicken Piece at Wedding Dinner in Belagavi.

The judge directed Verma, accused in the case against Dubai-based crypto currency company, Pluto Exchange, to surrender before the investigating officer or the trial court.

The judge said his act of collecting money even after de-recognition of crypto currency showed mala fide.

The court prima facie noted that the accused duped 61 investors after "painting a rosy picture" of getting them returns of 20 per cent to 30 per cent on their investments in crypto currency, the process which he continued against the gullible persons even after derecognition of crypto currency.

"The deep pockets of the accused, coupled with the nature and expanse of offence in the present case and 13 more cases with consequential possibility of long incarceration lends credence to the apprehension of prosecution that the accused is a flight risk," the judge added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)