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Bse Bars Jetking’s Vda Plan, Stalling India’s Crypto Push
Crypto Trends

BSE Bars Jetking’s VDA Plan, Stalling India’s Crypto Push

by admin September 28, 2025



India’s cautious stance on cryptocurrencies has put a new kind of business model at risk. Jetking Infotrain, an IT training company that wanted to become the country’s first listed firm with a major crypto treasury, has been stopped by the Bombay Stock Exchange (BSE) from listing its shares after it raised money to invest in virtual digital assets (VDAs).

This decision shows that even as digital asset treasury companies, which hold Bitcoin and other cryptocurrencies on their balance sheets, are gaining traction worldwide, India is still reluctant to let public funds move into this space.

BSE Blocks Jetking’s Listing Over Bitcoin Strategy

Jetking had secured in-principle approval from BSE on May 9, 2025, to issue shares through a preferential allotment. On May 23, its board cleared the allotment of over 3.96 lakh shares worth more than ₹6 crore. The company’s filings listed education and skill development, general corporate purposes, and acquisition of VDAs as objectives.

Nearly ₹3.96 crore, around 60% of the proceeds, was to be deployed into cryptocurrencies. Jetking already holds crypto in its treasury, and under current rules, Indian companies can invest in VDAs much like mutual funds or securities, as long as they disclose holdings to the Registrar of Companies.

However, BSE rejected the listing application, stating that “the policy on investment in virtual digital assets (VDAs) is under review and till a final view emerges, we would not be able to process the applications of this nature.”

Regulatory Grey Area Exposed

The decision underscores a deeper policy gap. While companies are allowed to buy crypto directly using profits or internal accruals, capital market authorities are uncomfortable with listed companies raising equity to invest in digital assets.

A BSE spokesperson explained, “We had processed the application in the normal course as per extant norms. Final approval was kept on hold to take up the issue of fundraising for investment in VDA at the policy level with the Regulator. Subsequently, as per the revised norms, a decision was taken to reject the application.”

Jetking’s joint MD and CFO, Siddharth Bharwani, said the company is reviewing legal options, including approaching the Securities Appellate Tribunal. He pointed out that “it has been five years since the Supreme Court said that cryptos were not illegal but require regulations.”

The situation also creates complications around reversing share allotments and refunding investors after funds have already been deployed.

Crypto Treasury Model Faces a Setback

BSE’s stance could derail plans by Indian entrepreneurs to launch crypto treasury companies modeled after global leaders like Strategy (formerly MicroStrategy), XXI in the US, and Metaplanet in Japan. These companies hold large amounts of Bitcoin and other crypto assets on their balance sheets and are known as DATs.

Unlike exchange-traded funds (ETFs), which issue units backed by crypto, DATs can raise equity and debt and also stake their crypto — locking up tokens to help secure networks while earning newly minted rewards.

But India’s legal treatment of crypto as “intangible assets” rather than securities or currency complicates the picture. Without clearer classification, such entities fall outside traditional financial services rules and face additional hurdles under laws like FEMA.

“There’s an increasingly urgent need for clearer classification of virtual digital assets under various existing laws. An approach of express regulatory guidance would be preferred to policy uncertainty,” said Jaideep Reddy, partner at Trilegal.

Banks are also grappling with this uncertainty. Some wealthy Indians have invested in US crypto ETFs through the RBI’s Liberalised Remittance Scheme, but local banks remain divided on whether such investments are permissible since the underlying assets are crypto.

“Exchanges have wide discretion to deny listing where the use of funds looks speculative and policy is unsettled until there’s a formal regulatory framework on how listed companies can deploy capital into crypto or other VDAs,” said Moin Ladha, partner at Khaitan & Co.

Industry Pushback: “Stop Gatekeeping”

CoinDCX CEO Sumit Gupta reacted strongly to BSE’s move, pointing out that globally “over 145 companies from Metaplanet in Japan to Tesla in the U.S. have added Bitcoin or crypto on their balance sheets.”

He cited Strategy — “a roughly $90 billion enterprise” holding “over 620,000 BTC” — which “posted more than $14 billion in unrealized gains in Q2 2025 alone.”

Gupta highlighted Jetking’s efforts: the company spent months planning its crypto treasury strategy, secured in-principle approval, raised ₹6.1 crore, deployed ₹3.96 crore into Bitcoin, and planned further investments, only to see the plan overturned overnight.

He questioned the rationale for the decision, asking, “The Supreme Court has already affirmed that crypto trading and investing are legal and subject to taxation, so it will be interesting to know on what basis BSE wishes to bar a company from this activity?”

Gupta added that it was ironic to block a “profit-generating company aiming to adopt a proven global model” while allowing many loss-making startups with unsustainable business models to raise large sums.

Warning that such decisions could leave India behind, he wrote, “This is exactly how India ends up playing catch-up with every new technology wave. We hesitate, we restrict, and by the time others have figured it out, we’re left behind.”

With BSE’s rejection of Jetking’s listing, the future of crypto treasury companies in India looks uncertain. The case has once again highlighted the urgent need for clear regulations on how Indian companies can engage with digital assets, and whether the country is ready to embrace business models already flourishing abroad.

Also Read: India’s ED Charges Raj Kundra Over ₹150 Crore in Gain Bitcoin Scam



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September 28, 2025 0 comments
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India’s ED alleges Raj Kundra laundered 285 Bitcoins
GameFi Guides

India’s ED alleges Raj Kundra laundered 285 Bitcoins

by admin September 27, 2025



India’s Enforcement Directorate has filed charges against businessman Raj Kundra and accused him of being the beneficial owner of 285 Bitcoins worth Rs 150.47 crore ($31 million) received from late crypto-scam mastermind Amit Bhardwaj.

Summary

  • India’s Enforcement Directorate has charged businessman Raj Kundra with laundering 285 Bitcoins—worth ₹150 crore ($31 million)—allegedly received from late GainBitcoin mastermind Amit Bhardwaj.
  • Investigators say Kundra concealed evidence, retained the cryptocurrency after a failed mining deal in Ukraine, and disguised illicit funds through transactions with his wife, actor Shilpa Shetty.
  • The case ties Kundra to one of India’s largest crypto Ponzi schemes, which duped over 8,000 investors out of 80,000 Bitcoins between 2015 and 2018.

The charge sheet filed before a special Prevention of Money Laundering Act court states that Kundra concealed crucial evidence and failed to surrender the cryptocurrency.

The ED claims Kundra remains in possession of the proceeds of crime and conducted transactions with his actor wife, Shilpa Shetty, at below-market rates to disguise funds obtained through criminal activities.

The agency alleges he has frustrated legal proceedings by layering the proceeds of crime and projecting them as legitimate funds.

Kundra’s role in Bitcoin mining scheme disputed

The Times of India reported that the money laundering case originates from police complaints against Variable Tech Private Limited and the Bhardwaj family, who operated GainBitcoin and related platforms.

According to the ED, the promoters promised investors huge returns through Bitcoin (BTC) mining but instead defrauded them and concealed stolen Bitcoin in obscure online wallets.

Kundra received the 285 Bitcoins from Amit Bhardwaj for establishing a Bitcoin mining farm in Ukraine. When the deal failed to materialize, Kundra allegedly retained possession of the cryptocurrency rather than returning it to the original scheme operators.

The ED rejected Kundra’s claims that he acted merely as a mediator in the transaction.

The chargesheet notes that Kundra’s ability to recall the exact number of Bitcoins received in five specific tranches after seven years “solidifies the fact that he was indeed the recipient of Bitcoins as a beneficial owner.”

Investigators found that the agreement titled “Term Sheet” was signed directly between Kundra and Mahendra Bhardwaj.

The ED stated that this evidence proves Kundra was a principal party, rather than an intermediary, in the cryptocurrency transfer.

Missing evidence complicates recovery efforts

Since 2018, Kundra has failed to provide wallet addresses where the 285 Bitcoins were transferred, hampering recovery efforts.

He attributed this inability to damage to his iPhone X shortly after his initial statement, which the ED interpreted as a deliberate attempt to destroy evidence.

The agency noted that Kundra could not provide “any underlying documentary evidence” to support his mediation claims, despite the substantial value of the cryptocurrency involved.

Amit Bhardwaj operated one of India’s largest cryptocurrency Ponzi schemes between 2015 and 2018, collecting approximately 80,000 bitcoins worth ₹6,600 crore from over 8,000 investors.

The scheme operated through GainBitcoin, GBMiners, and GB21 platforms before collapsing.

The chargesheet also names businessman Rajesh Satija as another accused party in the case.



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September 27, 2025 0 comments
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India’s It Department Uncovers $19M Crypto Fraud Targeting Farmers
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India’s IT Department Uncovers $19M Crypto Fraud Targeting Farmers

by admin September 26, 2025



The Income Tax (IT) Department has unwrapped a fraudulent crypto scheme in the southern states of Telangana and Andhra Pradesh. The scheme involved identity theft, where the fraudsters used the identities of unsuspecting ordinary citizens to carry out trading activities.

According to a Times of India report, this was uncovered after the Central Board of Direct Taxes (CBDT) flagged 20 suspicious cases. Following this lead, officials from the Income Tax Department visited several remote villages across Telangana and Andhra Pradesh. Investigators have been able to verify nine cases where the trading amount reached INR 170 crores, approximately $19.31 million.

In each case, investigators found that ordinary citizens such as farmers and delivery workers were linked to high-value crypto trades. Several people whose names came up in the investigation were astonished when they were approached by officials. When questioned, these individuals denied any involvement, revealing that they had zero knowledge about cryptocurrencies and that they also had no idea their IDs were being used for trading cryptocurrencies. 

From farms to fraud 

The investigators carried out a probe in more than five districts in Andhra Pradesh and Telangana. Sources also confirmed that most individuals linked to these trades are from lower socioeconomic strata, having no financial literacy, let alone knowledge of cryptocurrencies. 

S Narasimha, a farmer whose identity was stolen for the purchase of a cryptocurrency worth INR 9.5 crore, claimed, “We don’t even know what Bitcoin is.” In another case, Shiva Pamula, a food delivery partner being shown to carry out massive volume trades, said he didn’t have an idea about crypto or the trading. 

Larger identity theft suspected 

The IT officials have cautioned that these verified nine cases may represent only a small fraction of a far larger fraudulent scheme. The racket appears to operate via the theft or falsification of Permanent Account Number (PAN) cards, an identification card issued by the IT department, and other personal details of ordinary citizens. All individuals whose names were used reportedly were non-filers of income tax returns, suggesting the misuse was designed to avoid detection through standard tax filings. The case raises serious concerns about fraud, cybersecurity, and regulatory oversight in India’s rapidly growing crypto sector. 

Crypto crimes on the rise across the globe

This is the latest addition to the increasing crypto-related crimes across the world. European nations such as France and the UK have become a hotspot for crypto-related crimes. Earlier this month, the French police detained seven people in relation to the kidnapping of a 20-year-old Swiss man. 

Additionally, in August, an Indian court sentenced a former Parliamentarian and senior police officers to life imprisonment in connection with a 2018 Bitcoin extortion and kidnapping case. These incidents highlight the call for strict laws for crypto space. 

Also Read: XPL Price Surges 58% as Plasma Mainnet Goes Live with Tether



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September 26, 2025 0 comments
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