• 29 May, 2024
News

Ratan Tata Dismisses Cryptocurrency Investment Claims, Cautions Public

Respected industrialist and former Tata Group Chairman Ratan Tata emphatically denied any involvement with cryptocurrencies on Tuesday, delivering his statement via the social media platform Twitter. 

Disputing the claims of his investments in digital currency, the entrepreneur highlighted that such reports were a ploy to deceive the public. 

Tata urged the public to exercise vigilance, warning that the reports and ads claiming his involvement were fraudulent attempts to mislead citizens. His refutation follows the Delhi High Court’s decision last year to grant Tata Sons an interim injunction against entities using the Tata trademark to trade cryptocurrency ‘TATA Coin.’ 

In the past, Tata Group had to legally confront a company called Hakunamatata Tata Founders, which was allegedly exploiting the Tata trademark to facilitate cryptocurrency trading. Registered in both the UK and the US, the company was accused of using Tata’s trademark on its websites, ‘www.tatabonus.com’ and ‘www.hakunamatata.finance.’ The Delhi high court, acknowledging the dominance and public association of the ‘Tata’ trademark with the Tata Group of companies, granted an ad-interim injunction in favor of Tata Sons.

Furthermore, this incident isn’t the first time a prominent Indian business figure has had to deny involvement with cryptocurrency. In 2021, Anand Mahindra, Chairman of the Mahindra Group, also had to debunk similar rumors, labeling the claims of his investment in cryptocurrency as “completely fabricated & fraudulent.”

In related news, India’s stance on cryptocurrencies remains complex and divided. As of now, India has no specific legislation for the regulation of virtual currencies, but it has amended income tax laws to enable the taxation of Virtual Digital Assets, which include cryptocurrencies. The Indian government has also been focusing on creating its own Central Bank Digital Currency, the “Digital Rupee,” which is expected to enhance the impact of India’s digital economy.

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