HP High Court Bail Denial: 500 Crore Crypto Fraud (2025)
The Himachal Pradesh High court considered a bail application filed by Abhishek Sharma filed on 8 August 8 2025 in connection with his alleged role as a primary suspect in a Ponzi scheme that involved ₹500 crore and defrauding approximately 80,000 investors. The multi-level marketing scam operated through platforms like Voscrow, Hypenext, Korvio Coin, and DGT from 2018-2023, collecting over ₹2,000 crore via fake tokens and recruitment commissions. The police filed an FIR at Palampur Police Station on September 24 2023 under IPC sections 420 and 120B and the HP Depositors Act and Unregulated Deposit Schemes Act. Sharma faced multiple bail rejections after his first arrest as a "top liner" promoter who organized investor meetings on October 28 2023, until August 24 2024 when Justice Sushil Kukreja denied bail because he considered the severity of economic offenses more important than Sharma's 21-month detention period.
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