NEW DELHI / SHIMLA: The Directorate of Enforcement (ED) has intensified its crackdown on a massive multi-crore cryptocurrency scam involving Korvio Coin (KRO), unearthing a staggering Ponzi network that affected over 2.4 lakh users worldwide with estimated investor losses touching Rs. 500 crores.
According to an official media release issued by the ED search operations were conducted under Section 17(1) of the Prevention of Money Laundering Act (PMLA), 2002, across multiple locations in Chandigarh, Mohali, and Zirakpur.
Massive Financial Scale: Recovered digital data indicates that the fraud impacted more than 2.48 lakh users, involving transactions exceeding USD 219 million and total investor losses scaling up to Rs. 500 crores.
Modus Operandi: The scheme operated on a classic Ponzi model through an online platform promoting a multi-level marketing (MLM) structure. Funds collected from new investors were used to pay off earlier investors, while a significant portion was routed through cash, fictitious firms, and converted into cryptocurrency to conceal its origin.
Arrest of Main Operative: During the recent raids, the ED arrested Atul Sood—a close associate of the alleged mastermind Subhash Sharma—who had reportedly traveled to Dubai to coordinate events and conferences for the network even after FIRs had been registered. Sood was produced before the Special Court (PMLA) in Shimla and remanded to custody until November 5, 2026.
Seizures: The agency seized incriminating property documents, digital devices, bank records, and Rs. 72 lakhs in cash during the latest searches. This follows earlier raids on December 13, 2025, and June 15, 2026, which yielded movable assets and documents valued at approximately Rs. 1.5 crore.
The Mastermind and Accomplices
The ED stated that the entire fraudulent operation was masterminded by Subhash Sharma, who has since fled to Dubai.
Investigations revealed that funds collected from victims were predominantly handled in cash, delivered to team leaders, and eventually funneled up to Subhash Sharma and his associates, including Vijay Kumar Juneja and Masoom Juneja. The illicit proceeds were allegedly utilized to acquire immovable properties heavily undervalued on paper while paid largely in cash.
In connection with the broader network, associates Hem Raj, Sukhdev Thakur, Abhishek Sharma, Milan Garg, and Masoom Juneja have already been arrested, and a prosecution complaint with a supplementary complaint has been filed before the Special Court in Shimla.
The ED confirmed that legal proceedings against mastermind Subhash Sharma are active and ongoing, while further investigations into the remaining web of beneficiaries and assets are underway.
But ED has yet nab Subhash Sharma, master mind to reach the bottom of the racket.
It remains unclear whether the innocent investors will recover their hard-earned money.
