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ED arrests associate of alleged mastermind in Rs 500-crore…

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activeCrypto / Investment FraudPan India

ED arrests associate of alleged mastermind in Rs 500-crore cryptocurrency fraud, seizes Rs 72 lakh

The Enforcement Directorate (ED) arrested an individual named Atul Sood, described as a close associate of the alleged mastermind behind a multi-crore cryptocurrency fraud involving the fictitious Korvio Coin. The scheme, which began around 2018, was investigated following FIRs registered by the Himachal Pradesh and Punjab Police. According to reports, the fraud involved a multi-level marketing and Ponzi scheme that lured thousands of investors with promises of assured high returns.

State

Multiple States

First reported

October 2026

Agency involved

Enforcement Directorate (ED), Himachal Pradesh Police, and Punjab Police

Arrests

Atul Sood, Hem Raj, Sukhdev Thakur, Abhishek Sharma, Milan Garg, and Masoom Juneja

Charges or sections cited

Prevention of Money Laundering Act (PMLA), 2002

Status

Under investigation; arrested associate remanded to ED custody until November 5, 2026

The full story

Everything you need to know about this case, in one place.

Investigators alleged that the mastermind, Subhash Sharma, fled to Dubai after duping investors. The arrested associate reportedly travelled to Dubai to meet the mastermind and helped organize conferences and events even after police cases were filed. During recent search operations across Chandigarh, Mohali, and Zirakpur, the ED seized Rs 72 lakh in cash alongside property papers, digital devices, and bank records.

The scheme reportedly affected over 2.5 lakh users, with total transactions exceeding $219 million and estimated investor losses ranging between Rs 500 crore to Rs 2,500 crore, depending on the source report. Authorities stated that funds were largely collected in cash, routed through team leaders, and laundered through real estate purchases and cryptocurrency conversions. Several other associates have also been arrested and prosecution complaints filed as the investigation continues.

Not yet reported: The reports do not specify the final judicial verdicts or sentences for any of the accused individuals.

Where the case stands

The latest position in the reports we read.

The arrested associate is in ED custody until November 5, 2026, following a court appearance in Shimla, and overall investigations by the Enforcement Directorate are ongoing.

Who was affected

Described in general terms; we do not name victims.

Thousands of investors across multiple regions, with digital data indicating that over 2.5 lakh users were affected by the fraudulent cryptocurrency scheme.

Timeline

Key dates as reported, oldest first.

2018The online platform promoting Korvio Coin was launched and began operations.

2023The Korvio Coin cryptocurrency scam was unearthed in Himachal Pradesh.

December 13, 2025The ED conducted initial search operations at premises linked to the scheme.

June 15, 2026The ED carried out a second round of searches, seizing movable assets worth approximately Rs 1.5 crore.

October 28, 2026The ED conducted search operations in Chandigarh, Mohali, and Zirakpur and seized Rs 72 lakh in cash.

October 29, 2026The arrested associate was produced before the Special PMLA Court in Shimla, which granted custody until November 5, 2026.

How the scam worked

The method described in the reports.

The operators launched a fictitious cryptocurrency called Korvio Coin through an online platform.
They ran a multi-level marketing (MLM) scheme, promising investors assured high returns.
The operation functioned as a Ponzi scheme, using money collected from new investors to pay off earlier participants.
Funds from new investors were mostly collected in cash and handed over to team leaders, who passed them to the mastermind and key associates.
A portion of the illicit funds was invested in immovable properties with undervalued registered prices, while other amounts were routed through multiple bank accounts and converted into cryptocurrency to obscure the trail.

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Keep reading

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

timesofindia.indiatimes.comOriginal report tribuneindia.comOriginal report coingabbar.comOriginal report The StatesmanOpens via Google News

Prepared by Report Scams, with the help of AI, from the published reports listed above. Check those reports for the latest. Cases here describe allegations. An FIR, arrest or charge is not a finding of guilt. To report a mistake, or to ask for a correction or removal, write to our Grievance Officer. See also the Safe Posting policy.