Delhi High Court Denies Bail in Crypto Fraud Case, By Citing Threat to Economy

The Delhi High Court has denied bail to Umesh Verma, accused of running a fraudulent cryptocurrency scheme through Pluto Exchange.

Justice Girish Kathpalia noted that economic offences like crypto scams warrant stricter bail scrutiny due to their widespread economic impact.

Verma allegedly duped 61 investors, promising high returns even after cryptocurrency was derecognised in India.

The Court observed that he misused mediation to prolong interim bail and highlighted his prior involvement in 13 similar cases. Considering him a flight risk and noting that victims remain unpaid, the Court directed his immediate surrender. (Umesh Verma vs State)