Court Denies Bail to Accused in Cryptocurrency Scam
SHIMLA: A special court has rejected the regular bail plea of Surendra Kumar Negi, an accused in a high-profile cryptocurrency scam linked to Palampur police station.
Special Judge Davinder Kumar, while dismissing the plea, observed that the case involves a serious economic offence, a larger conspiracy and a huge loss of public money. Negi is accused of cheating people through fake crypto trading platforms such as Corvio, Voskro and Hypenxt.
Referring to several Supreme Court judgments, the court said that while granting bail in economic offences, courts must keep in mind the larger public interest and the impact on the state’s economy.
The judge noted that Surendra Negi played an active role in the scam and there is a strong apprehension that he may influence witnesses if released. The court also observed that the investigation is still underway and could be hampered if bail is granted.
The court further pointed out that the main accused, Subhash Sharma, has already fled to Dubai, which raises concerns over the possibility of other accused evading the law.
In view of the gravity of the offence and the ongoing investigation, the court held that Surendra Kumar Negi is not entitled to bail at this stage.