Justice Sushil Kukreja, Himachal Pradesh High Court
Economic Offences Are Grave & Impact National Economy: Himachal Pradesh High Court Rejects Bail In ₹500 Crore Cryptocurrency Fraud
|Over 80,000 investors were duped in a ₹500-crore crypto scam involving fake platforms.
The Himachal Pradesh High Court has declined to grant bail to an accused involved in a massive cryptocurrency fraud case, valued at approximately ₹500 crores.
A Bench of Justice Sushil Kukreja, held, “The economic offences are considered grave offences as they affect the economy of the country and such offences are to be viewed seriously. In such type of offences, while granting bail, the Court has to keep in mind, inter alia, the larger interest of public and the State”.
The Court rejected the bail plea filed under Section 483 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), stating that prolonged custody or delays in trial proceedings alone cannot justify bail in cases of this nature.
According to case records, over 80,000 investors were lured into investing through fraudulent cryptocurrency platforms over the past four years, with total investments nearing ₹2,000 crores. The estimated financial loss to investors is pegged at ₹500 crores. The petitioner was identified as a close aide of the main accused and a key promoter in the scheme’s multi-layered chain.
The accused, along with others, allegedly ran fraudulent operations using websites like Voscrow.io, Hypenext, and later Aglobal.io, promising high returns on cryptocurrency investments. The investors were issued virtual currency in return for their money and were assured that their investments would double.
Initially, small payouts were made to some investors to build trust and encourage further investments. However, on December 25, 2021, the returns stopped abruptly. The promoters then shifted operations to another platform, Hypenext, where partial returns were once again provided. Eventually, they released a video blaming “technical issues” for the delays and asked for five more months to clear dues. Meanwhile, investors were urged to shift their investments to Aglobal.io, but no returns were received thereafter.
In 2023, a Special Investigation Team (SIT) was constituted to probe cryptocurrency-related frauds across Himachal Pradesh. The investigation revealed a sophisticated multi-level marketing scheme wherein the accused and his associates misled investors with promises of high returns and manipulated cryptocurrency prices to attract new investments.
The petitioner had joined the alleged scam in 2018 as a promoter of the Korvio crypto platform. He reportedly registered himself on multi-level marketing (MLM) software and played an active role in expanding the scheme. The Court noted that he held gatherings in various cities, giving exaggerated speeches, including false claims that the value of the “Korvio Coin” was organically increasing based on public demand.
While acknowledging the prolonged detention, the Court stated that the scale and nature of the offence outweighed the duration of custody. The Court also stressed the seriousness of the petitioner’s role in a well-orchestrated conspiracy that caused massive losses to thousands of unsuspecting investors.
The Court concluded that releasing the accused on bail at this stage would not be appropriate, considering the substantial evidence pointing to his active involvement in the fraudulent scheme.
Cause Title: Abhishek Sharma v. State of Himachal Pradesh, [2025:HHC:26852]
Appearance:
Petitioner: Advocate Manoj Pathak
Respondents: Advocates J.S. Guleria and Ankush Thakur