An Indian court has denied bail to Abishek Sharma, a key suspect in a $240 million cryptocurrency fraud that has affected over 80,000 investors. The case highlights the growing regulatory scrutiny of cryptocurrency fraud in India, where Sharma’s lack of established industry leadership underscores the severity of the offense. The high court’s decision emphasizes the societal impact and seriousness of this crime, and its absence of institutional involvement further suggests that the market has largely remained unaffected. This high-profile case is prompting calls for increased transparency and accountability in the Indian crypto space, raising concerns about potential future scams and their influence on the market.