The Consumer Court rejects the case, and the victims are planning to deal with the Supreme Court

The National Consumer Reinstalization Committee (NCDRC) refused to hear a case from a group of Wazirx investors who were lost due to the breakthrough of $ 234 million encryption.

Investors to deal with the next Supreme Court

The committee stated that, given that encryption transactions are not fully organized in India, it cannot investigate the matter. NCDRC stated that, as cryptocurrencies are not a legal tender and are not officially recognized as investment assets in India, the claim of the case for financial fraud against Wazirx lacks a legal basis.

Investor lawyers, Aman Ryan Khan, plans to deal with the upcoming Supreme Court and search for the recovery of lost money and criminal procedures against the entities and individuals concerned.

Some positives despite the setback

The lawyer said that although the decision was a setback, there are some positives. The Consumer Forum agreed that encrypted currencies are “goods” under the Consumer Protection Law and are also dealt with as property under the income tax law. The complaint was submitted by 40 investors claiming to have lost about 12 rupees (about $ 1.4 million) in the encrypted currency.

Crypting is not a legal tender in India, but the government harms coding profits by 30 %. All exchanges in the Financial Intelligence Unit (FIU) must be recorded under the Ministry of Finance. The cryptocurrency was planned and the official digital currency bill, 2021, was organized, but it was never submitted, leaving the coding area unorganized.

Now, the Supreme Court decision is awaiting. In 2020, RBI banned 2018 raised the trading of encryption and later criticized the government for not setting clear rules on the encryption trade and investigations into fraud.

Users to restore stolen encryption by April

It is worth noting that Wazirx, led by Nischal Sheetty, plans to restructure a great restructuring to help customers recover some of the $ 234 million lost penetration.

Wazirx recently pledged to return 85 % of the missing assets of investors through the restructuring plan approved by the Singapore Court. The company has held eight municipal halls on the Internet with customers, but it has not yet announced the following steps.

• Also read:
• Wazirx News: Crypto Exchange for restart after penetration of $ 234.9 million
• and

The plan includes the issuance of $ 284 million of liquid assets and the release of distinctive recovery symbols for affected users. After balance their obligations, these assets will be distributed as symbols to creditors. The restructuring also includes the Wazirx platform with a new decentralized exchange and improved features. The profits from the first three years will be used after reactivation to purchase the distinctive recovery codes.

This plan was approved by the Singapore Court, and Wazirx has completed the balance of balance, allowing users to demand stolen encryption by April.