The incident I remember is they only concentrated on mining Ethereum not just any altcoins and invested heavily too for standard of middle class but later they sold the pieces of hardware for good price and understand buying cryptos and holding is more profitable for a retail investor than try to mine it.
It would be interesting to see if any miner from India, if they still exist share their views on this. It is way easier to hold bitcoin then mine from our standpoint, but we do want to mine - the ambient temperature in our country is the biggest downside.
Also I remember, one of my friend also got scammed to the cloud mining even when everyone advised him to stay away from cloud mining concept.
Cloud mining is not classifiable under mining, in my opinion. It is always a scam, always. Unless you are investing in a mining corp that actually mines, you are only being a part of a large scale MLM/Ponzi.