HC denies bail to man in cryptocurrency duping case
The Hindu
At least 47 investors were lured on the assurance of high returns
The Delhi High Court on Tuesday rejected the bail application of a man, who launched his own cryptocurrency, for duping over 47 people to the tune of ₹2.5 crore by inducing them to invest in the cryptocurrency on the assurance of high returns up to 20%-30% per month.
Justice Anu Malhotra said that the allegation levelled against Umesh Verma relates to commission of an economic offence which “corrodes the fabric of democracy and is committed with total disregard to the rights and interest of the nation”.
The High Court said that Mr. Verma allegedly duped a large number of innocent investors of their hard-earned money, and hence, was not appropriate to be granted bail.
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