The Himachal Pradesh High Court denied bail on April 30 to a man accused in the Korvio-Voscrow-Hypernext cryptocurrency MLM fraud involving more than 80,000 investors and around Rs 2,000 crore in collected funds. Justice Sushil Kukreja was blunt about why: economic offences at this scale don’t just hurt individuals — investigators say Rs 500 crore of investor money has vanished, and the court wasn’t treating that lightly.
What the Court Said
The accused is not a fringe participant in this scheme. According to the prosecution, he was a top-liner in the network and a close associate of the main accused, Subhash Sharma. Backend data and payout records show he actively recruited investors and built out a large number of IDs under his name. When asked about the cryptocurrency funds passing through his hands, he offered no satisfactory explanation.
His lawyers noted that other co-accused have been granted bail. The court dismissed the comparison. The petitioner’s role was distinct and documented; what happened with other accused didn’t change that.
How the Korvio-Voscrow-Hypernext Scheme Worked
The platforms — Korvio, Voscrow, DGT, and Hypernext — worked the same way most of these schemes do. They promised to double investments through virtual currencies, paid out early returns to keep investors confident, then cut off distributions entirely in late 2021.
Main Accused Subhash Sharma Still at Large
Subhash Sharma and several other top figures have fled. Many reportedly left for Dubai before the FIR was even filed. One accused was stopped at IGI Airport in December 2025. Lookout circulars are in place for others.
The chargesheet against this petitioner has been filed. The investigation, at least for his part, is done.
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