Bail Denied in Rs. 500 Cr Crypto Scam: 80,000 Investors Lost Money in a Major Crypto MLM Fraud – ED Investigation Continues Across India
The Himachal Pradesh High Court has denied bail to Abhishek Sharma in the Rs. 500 Cr crypto scam. The case involves a large crypto MLM fraud that affected more than 80,000 investors across India.
The court gave the order on April 30. Justice Sushil Kukreja said economic crimes are serious. Such crimes harm the country and the public. The court said strict action is needed in such cases.
How the Crypto Scam Worked
The Rs. 500 Cr crypto scam promised high returns through fake digital coins. The accused used platforms like Korvio, Voscrow, DGT, Hypenext, and A-Global. These platforms had no real value. They only attracted people with big promises.
Abhishek Sharma joined the scheme in 2018. He worked as a promoter. He held events in different cities. He told people that the coin price would grow fast. Many people trusted these claims and invested money.
The crypto MLM fraud followed a common trick. It gave small returns at the start. This helped build trust. More people joined and invested money. Later, the payments stopped in December 2021. After that, investors were pushed to new platforms. No real returns came after that.
ED Investigation and Money Trail
Reports say total investments reached around Rs. 2,000 crore. Out of this, about Rs. 500 crore was lost. Around 80,000 investors suffered losses. Many victims came from Himachal Pradesh, Punjab, and other states.
The ED investigation started to track the money. In December 2025, officials searched many places. They found bank deposits and documents. Assets worth about Rs. 1.2 crore were frozen.
The ED investigation also showed how money moved. Funds went through shell companies and property deals. Some people earned large commissions by bringing new investors. The scheme spread fast because of these rewards.
Court Stand and Ongoing Probe
The main accused, Subhash Sharma, left India in 2023. Some other accused also moved to Dubai. Police issued alerts to stop them. One accused was caught at Delhi airport in 2025.
The court also looked at the request for bail due to long custody. However, it did not agree. The court said the role of Abhishek Sharma was important in the scam. Evidence showed his strong involvement.
The court added that there was no major change since earlier bail requests. It said public interest is more important in such big fraud cases.
The Rs. 500 Cr crypto scam shows a bigger problem. Many frauds use crypto and MLM methods to cheat people. These schemes target people with less awareness about digital assets.
The ED investigation is still going on. More action is expected against others linked to the crypto MLM fraud. Investors may have to wait a long time to recover their money.
