India’s highest court has reaffirmed its tough stance on large-scale financial crimes, rejecting a bail request for Abishek Sharma, one of the main accused in a massive cryptocurrency scam that allegedly defrauded around 80,000 investors of more than 2 billion rupees (approximately $240 million).

Presiding judge Sushil Kukreja described the crime as exceptionally serious with far-reaching societal consequences. “The investigation shows that the accused was a close associate of the main perpetrator Subhash Sharma, who fled India,” the judge stated in his decision.

Lengthy Custody Does Not Mean Automatic Release

The defense argued that under Article 21 of the Indian Constitution, the accused has the right to a speedy trial and cannot be held indefinitely. However, the court emphasized that even if the trial is unlikely to conclude soon, the severity of the case and the accused’s clear involvement in a massive economic crime rule out bail.

Sharma has been in custody since October 2023, and his legal team has not presented any new substantial evidence since his initial bail request was denied.

A Fraud That Reached the Police Ranks

According to Indian police, the fraudulent activities began as early as 2018 but only came to light in September 2023, when investor Arun Singh Guleria filed a criminal complaint at the Palampur police station in Kangra district. He alleged that a group led by Subhash Sharma – including Hema Raj, Sukhdev, Milan Garg, and Abishek Sharma – lured investors into schemes linked to digital assets.

The scams centered around two online platforms: Voscrow and Hypenext. Voscrow offered investors digital assets, while Hypenext promised to double their money. In reality, it was an elaborate Ponzi scheme sustained by a network of recruiters bringing in new investors.

Investigators revealed that more than 1,000 state police officers were among the victims who lost money in the scheme.

Special Investigation Team and the Gang’s Modus Operandi

On September 26, 2023, a special investigation team was formed under the supervision of the Inspector General in Dharamshala. Police later apprehended all suspects except Subhash Sharma, who they believe fled abroad.

The probe uncovered how the group manipulated cryptocurrency prices to maximize their gains at investors’ expense. Funds flowed through a network of shell companies used to launder the illicit proceeds, with some of the money spent on luxury real estate and expensive goods.

Police allege that Abishek Sharma played a key role in organizing investor meetings across the state – from Una, Kullu, and Mandi to Baddi, Chandigarh, Palampur, and Hamirpur.

A Lesson for Investors and the State

Indian authorities warn that the case is yet another reminder of how easily investor trust can be exploited without proper oversight and regulation. In the still partly unregulated crypto sector, promises of quick wealth can lead to devastating losses – not only for individuals but for entire communities.


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