Karnataka High Court Upholds Investigation into Bengaluru Digital Gold Startup

The Karnataka High Court dismissed petitions by Bengaluru-based digital gold startup Jar Gold Retail Ltd and its director Nishchay Arkalgud to quash a police investigation under the Banning of Unregulated Deposit Schemes (BUDS) Act. The FIR, registered in January following an RBI alert and SEBI warnings about unregulated digital gold trading, alleges the firm's operations fall under the Act's broad definition of deposits. Jar Gold denies wrongdoing and plans to approach the Supreme Court. The investigation continues with properties seized by authorities.