Alleging that Pi Network runs a fake bitcoin scheme, the digital watchdog group The Philox has formally pleaded with the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI). The March 15, 2025 petition emphasizes Pi Coin’s false claims of mobile mining incentives devoid of actual value. Hidden marketing activities, lack of blockchain transactions, and possible $50 million losses to Indian users are revealed by the Philox’s inquiry. The request asks SEBI to label Pi Coin as an unregulated security and advocates RBI’s action to stop more financial damage to investors.