🚨💰 ₹2,000 crore (~$240 million) Crypto Scam: Bail Denied to Key Accused by Indian Court ⚠️🛑
🧑⚖️ Court Decision
The Himachal Pradesh High Court has rejected bail for Abhishek Sharma, a resident of Riwar village, Una district, in one of India’s largest cryptocurrency frauds. Justice Sushil Kukreja cited the severity of the offense, its societal impact, and Sharma’s close link to absconding mastermind Subhash Sharma.
📅 How the Scam Began
The scheme started in 2018 with seminars promoting Korvio Coin, later morphing into Voscrow, Hypenext, and DGT Coin. Using a multi-level marketing (MLM) setup, the accused promised to double investments, manipulated token prices, and initially paid early investors to encourage more recruitment.
💸 The Collapse
By late 2021, payouts stopped. The group rebranded platforms to keep attracting funds. Over 80,000 victims — including more than 1,000 state police personnel — invested, leading to losses of about ₹500 crore (~$60 million) from total investments estimated at ₹2,000 crore (~$240 million).
🎭 Role of Abhishek Sharma
Police say Sharma was deeply involved — hosting promotional events across Himachal Pradesh and neighboring states, delivering deceptive presentations, and managing asset transfers between scam platforms. The accused also created shell companies to launder stolen funds and splurged on luxury properties and goods.
📌 FIR, SIT & Arrest
The case surfaced after investor Arun Singh Guleria filed an FIR (First Information Report – initial police complaint) on September 24, 2023. A SIT (Special Investigation Team – dedicated police unit) was formed on September 26, 2023. Sharma was arrested on October 28, 2023 and has remained in custody.
✍️ Conclusion
This case is a warning about too-good-to-be-true crypto promises. The court’s refusal of bail underscores how large-scale economic crimes erode public trust and will be dealt with firmly. 🚨📉
