PANews reported on May 5th that, according to The Crypto Times, the Himachal Pradesh High Court in India rejected Abhishek Sharma's bail application. Sharma is one of the key promoters of a massive cryptocurrency MLM scam that allegedly defrauded over 80,000 investors across India, with estimated losses of 500 million rupees and a total investment pool size of approximately 2 billion rupees.
The report states that the scam involved multiple fake cryptocurrency platforms, including Korvio, Voscrow, DGT, Hypenext, and A-Global, promising investors doubled returns. The project initially paid out small amounts to attract more participants, but all payments abruptly stopped on December 25, 2021. The promoters then redirected users to other platforms, ultimately ceasing all payments.
The Indian Enforcement Agency (ED) had previously conducted searches at eight locations in Himachal Pradesh and Punjab, freezing approximately 12 million rupees in lockers and bank deposits. Investigators stated that the funds in the case were laundered through real estate developers, shell companies, and family bank accounts, and that some senior figures involved have fled to Dubai.
