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b. As per MLA, a person (victim) living in Leawood, Kansas, U.S.A. reported to the U.S. authorities that between August 14, 2022 and August 15, 2022, crypto currencies worth approximately US$ 527,615.45 had been fraudulently transferred from the virtual currency addresses of the victim's Ledger Hardware Wallet.

c. On 13.08.2022, the victim downloaded and installed the Ledger Live software, a companion software for managing crypto wallets like the Ledger Hardware Wallet maintained by the victim, from the internet onto a laptop. The victim, thereafter, connected the Ledger Hardware Wallet to the laptop and made certain cryptocurrency transactions through the said software. After completing the aforesaid transfers, the victim promptly disconnected the Hardware Wallet from laptop. d. On or about 14.08.2022, while the Hardware Wallet of the victim was disconnected, 0.995275351 Ethereum (hereinafter ‗ETH') valued at US$ 1,926.87, was fraudulently transferred from the wallet of the victim to the address 0xC992AE8D0994468e7CC45d0CE0E85ad4eade0cEb (hereinafter ‗0xC99...0cEb'). Thereafter, on the same day, 0.48349150649972 ETH valued at US$ 959.39 was transferred from ‗0xC99...0cEb' to the address 0x0380d5c5c23551a109f5d3aaf76ced9e65d96a24 (hereinafter ‗0x038...6a24') which is associated with India-based cryptocurrency exchange and trading platform WazirX.

23. He submits that the allegation of the prosecution that Shivang Malkoti was responsible for running crypto ads on Bing search engine has no merit inasmuch as Bing does not permit advertisements relating to cryptocurrencies and cryptocurrency related products including, but not limited to initial coin offerings, cryptocurrency exchanges and cryptocurrency wallets. He points out that till date no advertisement accounts have been recovered by the prosecution.

24. Mr. Mir submits that with respect to the allegation of converting cryptocurrency to cash by Adnan Nisar, the prosecution has not divulged any incriminating material indicating that he assisted Vishal Moral or anyone else in conversion of stolen cryptocurrencies to cash, besides certain WhatsApp/Telegram chats which the prosecution claims to be between the petitioner and Vishal Moral. That apart, the prosecution also relies on statements of the co-accused persons, which thereafter stand retracted.

100. Likewise, the essence of statement of petitioner/Vishal Moral recorded on 26.04.2023 as set out in the complaint reads as under:

"On being asked, he stated further that he received approximately 22 Bitcoin by mistake without providing any services and that he hadn‟t informed any authority. He stated that he had claimed these cryptocurrencies belonged to him and that in order to claim the stolen cryptocurrencies, he sent a fake and self-created screenshot to WazirX Crypto Exchange as proof. However, WazirX Crypto Exchange blocked his account because he couldn‟t provide a source of such funds. (Statement dated 26.04.2023)."