An Indian high court has denied bail to Abishek Sharma, a key suspect involved in a cryptocurrency investment fraud totaling ₹2000 crore, approximately $240 million.
Reason for Denial of Bail
Judge Sushil Kukreja ruled that the bail application of Abishek Sharma could not be granted due to the severity of the crime and its societal impact. The court noted that there was evidence suggesting Sharma’s close association with the primary accused, who has absconded and left India.
Multimillion-Dollar Fraud: How It Worked
The fraudulent scheme, involving around 80,000 investors, was brought to light in 2023 following a report by a victim. The complainant alleged that a group, including Sharma and others, deceived people into investing in digital assets through the platform voscrow. Investigations revealed that substantial returns were promised through manipulated cryptocurrency prices.
Investigation and Its Outcomes
A special investigative team was established to look into the fraud. They found that verified victims, including over 1,000 police officers, were misled. Sharma was conducting meetings with investors, while other participants created shell companies to launder the money.
The denial of bail to Abishek Sharma underscores the seriousness of financial crimes and their ramifications on society. Investigations are ongoing as authorities work to achieve justice for affected investors.
