Delhi Court Issues Summons In Suit Against Business Of Carrying Forward Trading In Cryptocurrencies Without Regulatory Approval

[21 December 2021]
A Delhi Court recently issued summons in a suit filed against the business of carrying forward trading in cryptocurrencies in the Country, without any statutory or regulatory approval. Additional District Judge Geetanjali of the Saket Court was dealing with a suit filed by one Vidyut Kayarkar against a website called Olymptrade, operated by Saledo Global LLC, seeking a direction that such a business of carrying forward trading in cryptocurrencies is against the public policy of India and that any agreement to that effect will be barred under Section 23 of the Indian Contracts Act, 1872. Section 23 stipulates lawful consideration/ object of an agreement. The suit filed through Advocate Nipun Saxena also sought a permanent injunction against the said Defendant, thereby restraining it from operating its business through the website being www.olymptrade.com, www.olymptrade.in, or any other websites, mirror links and Mobile Application “Olymptrade” in the Country. According to the suit, various transactions were being carried out by the said defendant on its website and mobile application in the name of “Olymptrade” in the form of alleged trading. It is also the case of the plaintiff that the Olymptrade website makes false and erroneous claims that its client can earn profit and withdraw upto 55300 US Dollars on an initial investment of only 10 US Dollars.