Overview
- A division bench of Justices Siddhartha Varma and Achal Sachdeva ordered no coercive action until investigators file a chargesheet.
- Jawed Habib and his son filed eight petitions seeking quashing of proceedings and interim relief, which the court partly granted by staying arrest.
- Complaints allege the duo promoted Follicle Global Company at a 2023 event, promising 50–75% returns on Bitcoin and Binance Coin investments to roughly 150 attendees.
- Police reports cite around 32 FIRs, a Look Out Circular, investor contributions typically between ₹5 lakh and ₹7 lakh, and losses estimated at ₹5–7 crore.
- Investigators say the company later shut down, the accused were initially untraceable, and probes are tracking links to Delhi and Mumbai, with the court also flagging Arnesh Kumar arrest guidelines.