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India High Court Denies Bail in $240M Crypto Investment Fraud Case
India High Court Denies Bail in $240M Crypto Investment Fraud Case
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BTCCSquare news:
An Indian high court has rejected the bail application of Abishek Sharma, a key suspect in a $240 million cryptocurrency investment fraud. The scheme, which duped over 80,000 investors across Himachal Pradesh and neighboring states, involved manipulated prices and a Ponzi-like structure.
Justice Sushil Kukreja cited the gravity of the economic offense and Sharma's close ties to the absconded main accused, Subhash Sharma, as grounds for denial. Shell companies were allegedly used to launder stolen funds, amplifying the case's societal impact.
While acknowledging constitutional rights to speedy trials, the court recognized the complexity of prosecuting large-scale financial crimes in India's evolving digital asset landscape.
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