Supreme Court Dismisses WazirX users petition
As soon as the Wazirx users petition was presented before the bench of Justice BR Gavai and Justice Augustine Masih, it was dismissed by the court, on grounds of policies related to cryptocurrencies in India.
The Supreme Court observed that they are in no mood to entertain the plea by WazirX users.
“We are not inclined to entertain the plea and representation may be made to the authorities and let it be decided in accordance with law,” said Justice Gavai.
The same has been confirmed to The Crypto Times by advocate-on-record Priyanka Prakash representing the victims of WazirX case.
What are the demands of WazirX users in the Supreme Court against Nischal Shetty?
This is the first time the country’s top court is directly addressing the WazirX hack — one of India’s most controversial crypto cases. The victims, many of whom previously approached the Delhi High Court, now want central regulators and investigative bodies to step in.
Here’s what the petition demands:
1. A Multi-Agency Special Investigation Team
The petitioners have asked for a Special Investigation Team (SIT) to be constituted, drawing officers from six major institutions: the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), the Financial Intelligence Unit (FIU), the National Investigation Agency (NIA), the Central Bureau of Investigation (CBI), and the Serious Fraud Investigation Office (SFIO).
2. A Full Forensic Audit
The victims also want an independent team of financial auditors to go through WazirX’s books, ledgers, and internal records — and report directly to the Supreme Court. They believe this will help uncover whether the company was complicit or grossly negligent in handling user assets.
3. Don’t Let WazirX Touch Our Assets
To avoid further damage, the petitioners are seeking urgent directions to ensure their portfolios aren’t modified, drained, or tampered with during the legal process. If not that, they want WazirX’s accounts — and those of its directors — frozen immediately.
Who’s Named in the Case?
The list of respondents includes some of the most powerful regulatory and enforcement agencies in the country — and beyond.
Here’s who the petition has named:
- Liminal Custody Solutions Pvt. Ltd., the crypto custody partner involved with WazirX
- Union of India, represented by the Ministry of Finance
- Reserve Bank of India (RBI)
- Securities and Exchange Board of India (SEBI)
- Financial Intelligence Unit (FIU)
- National Investigation Agency (NIA)
- Central Bureau of Investigation (CBI)
- Serious Fraud Investigation Office (SFIO)
- Zanmai Labs, the company that operates WazirX
- Nischal Shetty, co-founder and CEO of WazirX
- Binance Holdings Ltd., represented by its Head of Regional Markets, Vishal Sacheendran
Over 50 users of WazirX cryptocurrency exchange approach Supreme Court of India for immediate intervention
The Supreme Court of India has registered a criminal writ petition filed by 54 users of the WazirX cryptocurrency exchange against the co-founder Nischal Shetty and the exchange management, demanding their immediate intervention related to Rs 2000 crore cyber hack case.
The petitioners have accused WazirX co-founder Shetty and its parent entity Zanmai Labs of gross negligence and mismanagement regarding public funds worth Rs 4500 crore in the form of cryptocurrencies.
A two-judge bench, Justice BR Gavai and Justice Augustine Masih, will listen to the arguments made on behalf of WazirX consumers represented by advocate on record (AOR) Priyanka Prakash.
Also Read: Supreme Court to hear WazirX victims case against Nischal Shetty
