PANews May 5 news, according to The Crypto Times report, the Himachal Pradesh High Court in India rejected Abhishek Sharma's bail application. Sharma is one of the key promoters of a large-scale cryptocurrency MLM scam that allegedly deceived over 80,000 investors across India, with estimated losses reaching 500 million rupees, and the total size of the related investment pool is about 2 billion rupees.

Reports suggest that the scam involves several fake cryptocurrency platforms such as Korvio, Voscrow, DGT, Hypenext, and A-Global, with investors promised doubled returns. In the early stages of the project, small returns were paid to attract more participants, but all payments suddenly stopped on December 25, 2021, after which the promoters directed users to other platforms, ultimately failing to pay any returns.

The Enforcement Directorate (ED) of India had previously conducted searches at 8 locations in Himachal Pradesh and Punjab, and froze about 12 million rupees in lockers and bank deposits. Investigators stated that the funds in this case were laundered through real estate developers, shell companies, and family bank accounts, with some senior individuals involved having fled to Dubai.

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