An Indian court rejected bail applications from a key promoter in a 500 million rupee cryptocurrency scam involving 80,000 investors.

CoinFeed reported on May 5th that, according to The Crypto Times, the Himachal Pradesh High Court in India rejected Abhishek Sharma's bail application. Sharma was a key promoter in a massive cryptocurrency MLM scam that allegedly defrauded over 80,000 investors across India, with estimated losses reaching 500 million rupees and a total investment pool size of approximately 2 billion rupees. The report stated that the scam involved multiple fake crypto platforms, including Korvio, Voscrow, DGT, Hypenext, and A-Global, promising investors doubled returns. The project initially paid small returns 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.