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Rs 2,500-crore crypto scam: ED arrests Subhash Sharma’s…

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activeCrypto / Investment FraudPan India

Rs 2,500-crore crypto scam: ED arrests Subhash Sharma’s close aide

The Directorate of Enforcement (ED) has arrested an associate of the alleged mastermind behind a massive cryptocurrency investment fraud. The fraudulent scheme, centered around a fictitious digital currency known as Korvio Coin, came to light in Himachal Pradesh in 2023. Investigators state that thousands of investors across multiple regions suffered substantial financial losses after being lured into the scheme with promises of assured high returns.

State

Multiple States

First reported

October 2026

Agency involved

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

Arrests

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

Charges or sections cited

Section 17(1) of the Prevention of Money Laundering Act (PMLA), 2002

Status

Under investigation; the recently arrested accused is in ED custody

The full story

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

According to investigators, the operation functioned as a multi-level marketing Ponzi scheme through an online platform. Money gathered from incoming participants was reportedly used to pay off earlier participants, while a portion of the funds was allegedly diverted to buy real estate using significant cash payments and undervalued registered deeds. The primary mastermind allegedly fled to Dubai, where investigators found the arrested associate had travelled to meet him and help organize events.

Federal authorities initiated their money laundering probe based on police FIRs registered in Himachal Pradesh and Punjab. During recent raids across Chandigarh, Mohali, and Zirakpur, enforcement officers recovered substantial cash alongside digital devices and property documents. Several other associates have also been taken into custody as financial probes and legal proceedings continue against the individuals involved.

Not yet reported: The exact total amount recovered in cash and assets apart from the stated figures and the final court verdicts are not reported.

Where the case stands

The latest position in the reports we read.

The investigation remains active, and the recently arrested associate has been remanded to ED custody until November 5, 2026, while legal proceedings continue against the primary mastermind who fled to Dubai.

Who was affected

Described in general terms; we do not name victims.

Thousands of investors across multiple states who suffered substantial financial losses.

Timeline

Key dates as reported, oldest first.

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

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

June 15, 2026The ED carried out further searches resulting in the seizure of movable assets worth about Rs 1.5 crore.

October 28, 2026The ED executed search operations under the Prevention of Money Laundering Act and arrested a close aide of the alleged mastermind.

How the scam worked

The method described in the reports.

The operators launched a fictitious cryptocurrency called Korvio Coin through an online platform.
They promoted a multi-level marketing scheme that promised investors assured high returns.
The scheme operated on a Ponzi model, using money collected from new participants to pay off earlier ones.
Funds gathered from investors were channeled into acquiring immovable properties using heavy cash transactions to conceal the actual purchase values.

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Sources and further reading

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

tribuneindia.comOriginal report The TribuneOpens via Google News ED Arrests Close Aide of Crypto Scam Mastermind, Seizes Rs 72 Lakh - HIMACHAL HEADLINESHIMACHAL HEADLINES · 31 Oct 2026

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