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India’s high court has denied bail to Abishek Sharma, a suspect linked to a massive crypto investment fraud case that involves approximately 80,000 investors across Himachal Pradesh and neighboring states. The staggering scale of the fraud, coupled with its potential long-term effects on society, led the court to deny Sharma’s request for release from custody.
The investigation, which has been ongoing since October 2023, revealed that Sharma was a key figure in organizing investor gatherings, where he would convince unsuspecting victims to invest in a platform called Voscrow. The scheme promised extremely high returns on digital assets and lured investors with promises of doubling their funds. However, it was soon discovered that the platform operated like a Ponzi scheme, with new investors’ money used to fund earlier investors’ returns.
The manipulation of cryptocurrency prices played a crucial role in sustaining the illusion of profitability, resulting in substantial losses for many victims. The court emphasized that while Article 21 of the Indian Constitution guarantees the right to a speedy trial, it cannot compromise on the gravity of the offense and its potential long-term societal implications.
Sharma’s bail plea was rejected despite being in custody for almost a year. This critical ruling marks an important milestone in the legal proceedings, demonstrating the court’s commitment to addressing this massive fraud.
Source: coincentral.com
