The ₹500 Crore Crypto Scam investigation has intensified after complainants alleged that Ashok Sharma remains unarrested more than two years after the alleged fraud surfaced. FIR No. 311/2024 registered at Mumbai Police initially invoked IPC and MPID Act provisions linked to alleged cheating, criminal breach of trust, and investor fraud. Complainants, including Rajesh Khanna, have alleged investigative delays, non-seizure of assets, and inadequate enforcement despite financial evidence reportedly submitted to authorities. Investigators are also examining allegations involving foreign fund transfers and multiple entities allegedly linked to the broader cryptocurrency investment network.
₹500 Crore Crypto Scam: Accused Ashok Sharma Remains Free After 24 Months
Investors in India face mounting losses as Ashok Sharma, prime accused in a ₹500 crore cryptocurrency fraud, remains unapprehended for over two years despite police inaction and multiple complaints.
Ashok Sharma Evades Arrest Amid Allegations of Police Negligence
Ashok Sharma, the alleged mastermind behind a ₹500 crore cryptocurrency scam, has reportedly remained free for more than 24 months. Multiple complaints allege police inaction despite sufficient evidence. The accused allegedly created eight new fake companies in India since April 2024. Funds collected from thousands of investors were reportedly transferred to foreign accounts, raising concerns about systemic failures in law enforcement.
Alongside Ashok Sharma, his wife Sulekha Sharma and six others are accused in the case. Sources indicate that police have not recorded statements from these accused, fueling speculation about delays in the investigation and potential collusion. Rajesh Khanna, a key complainant, has repeatedly submitted evidence of fraudulent transactions worth crores, but authorities have yet to seize assets or accounts linked to the accused.
Timeline and Investigation Lapses
The case, registered under FIR No. 311/2024 at Charkop Police Station on June 9, 2024, covers alleged offences including criminal breach of trust (IPC Sections 406 and 409), cheating (IPC Section 420), and common intention (IPC Section 34). Charges under the Maharashtra Protection of Investors Deposit (MPID) Act, Sections 3 and 4, were also invoked.
Despite the legal framework, investigators reportedly delayed critical action. The case was shifted to Malad Police Station without informing the complainant, Rajesh Khanna. A lookout notice for Ashok Sharma appears to have been issued more as a procedural formality than an operational effort. Neither Ashok Sharma’s nor Sulekha Sharma’s properties have been attached, and no bank accounts tied to the fraudulent transactions have been frozen.
Key Accusations Highlight Police Inaction
1. Ashok Sharma allegedly fled to Dubai due to the non-confiscation of his passport.
2. Sulekha Sharma, despite bail rejection by the Sessions Court, secured interim relief from the High Court, yet remains unarrested.
3. Investigating officers reportedly failed to appear in court four times, raising questions about enforcement priorities.
4. DCP Anand Bhoite has not authorised arrests despite substantial evidence against the accused.
5. Multiple letters from Rajesh Khanna to senior authorities, including the Mumbai Police Commissioner and the Home Ministry, remain unaddressed.
These lapses have drawn criticism from investors and observers, highlighting systemic weaknesses in handling high-value financial fraud cases in India.
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Impact on Investors: Over 15,000 Victims
Ashok Sharma and Sulekha Sharma are accused of defrauding over 15,000 investors through FVP Trade Pvt. Ltd., promising monthly returns of 10–15%. The scheme lured investors with apparent high-yield cryptocurrency opportunities, which allegedly resulted in losses exceeding ₹500 crore.
The Sprouts News investigation team has verified complaints and evidence submitted by investors. Despite widespread awareness of the alleged scam, law enforcement’s slow response has intensified concerns about accountability and investor protection in digital finance sectors.
Related News: 15k Investors Defrauded of ₹500 Crore in Financial Scam.
Broader Implications and Next Steps
Experts warn that delays in enforcement against high-profile financial fraudsters could embolden similar schemes. Legal analysts emphasise the need for rigorous monitoring of cryptocurrency investments and proactive measures under the MPID Act.
As the investigation progresses, authorities may face increased scrutiny over procedural lapses and accountability. Sprouts News will continue to track developments, ensuring victims’ voices are highlighted while reporting verified updates on law enforcement actions.
For victims and concerned citizens seeking justice in the ₹500 crore crypto scam, your voice matters. Share verified information, tips, or evidence with investigative journalist Unmesh Gujarathi at 9322755098. Sprouts News is committed to exposing wrongdoing, holding authorities accountable, and supporting over 15,000 affected investors. Your input can help strengthen the case and ensure transparency.
Editorial Note:
This article is based on publicly available FIR records, court case references, and reports published by multiple media organisations. The information is presented in the context of ongoing investigations and public interest reporting. Sprouts News does not make any judicial determination regarding the individuals mentioned and does not intend to defame any person or organisation. Any individual seeking clarification or wishing to provide an official response may contact the editorial team with verifiable documentation. The information is presented for journalistic and informational purposes.
