The Himachal Pradesh High Court has refused bail to Abhishek Sharma, a key suspect in one of India’s biggest cryptocurrency fraud cases a $228 million scam that duped over 80,000 investors.
The alleged scheme, which ran through platforms like Voscrow and Hypenext, promised to double investors’ money through digital currency trades. Victims included ordinary citizens, business owners, and even more than 1,000 state police officers.
Court Puts Public Interest First
On Friday, Justice Sushil Kukreja rejected Sharma’s plea, emphasizing that the magnitude of the financial crime and its impact on society outweighed his right to bail.
While acknowledging that Article 21 of the Indian Constitution protects against indefinite detention and ensures a speedy trial, the court made it clear that in serious economic crimes, public and state interest must take precedence.
Sharma has been in custody since October 28, 2023, but the court said the time spent behind bars wasn’t enough to justify release, especially since he was allegedly “one of the top liners in the chain” and a close associate of the main accused, Subhash Sharma who has since fled the country.
A Well-Orchestrated Pyramid Scheme
The scam reportedly began in 2018 and came to light when investor Arun Singh Guleria filed a complaint in September 2023. According to investigators, victims received virtual currencies in exchange for their investments, and were lured with promises of doubling their money.
The accused allegedly organized investor meet-ups across Himachal Pradesh and neighboring states, encouraging people to bring in more participants in what turned out to be a pyramid-style operation.
Authorities say the fraud proceeds were funneled into shell companies, luxury real estate, expensive cars, and other high-end purchases across Himachal Pradesh, Chandigarh, Punjab, and Haryana. The scheme also involved manipulating cryptocurrency prices to maximize profits while continuously recruiting new investors.
With the primary mastermind still on the run, the case remains a high-profile reminder of how digital scams can devastate both individuals and entire communities.
