Himachal HC denies bail to Abhishek Sharma in mega Rs 2,000 Crore Crypto scam
Photo source: Internet
Shimla, Aug 9,
Himachal Pradesh High Court has rejected the regular bail plea of Abhishek Sharma, accused in a massive cryptocurrency fraud case, citing the gravity of economic offences and the absence of any substantial change in circumstances since his earlier bail rejections.
Justice Sushil Kukreja, delivering the order on Friday, noted that Sharma, a resident of Una, is prima facie involved in a large-scale scam that allegedly duped over 80,000 investors across the country.
The court observed that the scheme collected investments worth around Rs 2,000 crore over four years, causing an estimated loss of Rs 500 cr.
According to the prosecution, Sharma was a close associate of prime accused Subhash Sharma — currently absconding abroad — and among the top-tier promoters in the chain. The investigation revealed that the accused lured people through fake crypto platforms like Voscrow, Hypenext, and Korvio Coin, manipulated currency values, and devised deceptive schemes to extract money from investors.
The SIT, headed by the DIG (Northern Range), Dharamshala, continues to probe the scam.
While the defence argued that Sharma has been in custody since October 28, 2023, and that the trial is unlikely to conclude soon, the court stressed that mere long incarceration is not a ground for bail in grave economic offences.
Citing multiple Supreme Court rulings, the judge reiterated that economic crimes with deep-rooted conspiracies and huge public losses must be viewed seriously, as they threaten the nation’s financial health.
“The nature and seriousness of an economic offence and its impact on society are always important considerations. Merely because the petitioner has spent one year and nine months in custody does not warrant release at this stage,” the order stated.
The bail plea was accordingly dismissed, with the court clarifying that its observations would not influence the trial proceedings.
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