Rs 500 Crore Korvio Coin Fraud: ED Raids Chandigarh, Mohali and Zirakpur, Arrests Alleged Mastermind's Aide, Seizes Rs 72 Lakh

The Enforcement Directorate's Shimla Sub-Zonal Office searched locations across Chandigarh, Mohali and Zirakpur on October 28 in connection with the alleged Rs 500 crore Korvio Coin (KRO) cryptocurrency fraud, seizing Rs 72 lakh in cash, property documents and digital devices, an ED official said on Saturday, IANS reported. Atul Sood, described by the agency as a close aide of alleged mastermind Subhash Sharma — who the ED says fled to Dubai — was arrested during the searches and remanded to ED custody till November 5. The ED alleges a Ponzi-style MLM scheme that drew in more than 2.48 lakh users; all allegations are the agency's and remain to be proved in court.

Awaaz Punjab Investigations Desk31 October 20264 min readRead in all 3 languages

Shimla: The Enforcement Directorate (ED) conducted search operations at various locations across Chandigarh, Mohali and Zirakpur in connection with an alleged Rs 500 crore cryptocurrency fraud involving Korvio Coin (KRO), seizing property documents and Rs 72 lakh in cash, an ED official said on Saturday, IANS reported. The searches were carried out by the ED's Shimla Sub-Zonal Office on October 28 under Section 17(1) of the Prevention of Money Laundering Act (PMLA), 2002.

Source: IANS via The Freedom Press

During the searches, the agency seized incriminating documents, including property-related documents, multiple digital devices and records pertaining to bank accounts, along with the cash. Atul Sood, whom the ED describes as a close aide of Subhash Sharma, the alleged mastermind of the scheme, was arrested during the operation. According to the ED, Sood had travelled to Dubai to meet Sharma and was involved in arranging conferences and other events for him. Sood was produced before the Special PMLA Court in Shimla on October 29, which granted his custody till November 5.

Source: IANS via The Freedom Press

Rs 500 croreEstimated investor losses alleged by the ED

2.48 lakh+Users the ED says were affected

$219 million+Transactions the ED says the scheme recorded

Rs 72 lakhCash seized in the October 28 searches

Explaining the alleged method, the ED said Sharma, in connivance with associates including Hem Raj, Sukhdev Thakur and Abhishek Sharma, operated a cryptocurrency-based multi-level marketing (MLM) scheme through an online platform, inducing investors to put money into Korvio Coin (KRO) by promising assured high returns. The scheme functioned on a Ponzi model, the agency alleges, with funds received from new investors used to pay earlier investors. Recovered digital data indicated that more than 2.48 lakh users were affected, involving transactions exceeding $219 million and estimated investor losses of around Rs 500 crore, the ED said. A second report of the same ED statement, published Saturday, carried the same figures, the same arrest and the same November 5 custody date.

Source: Nation Press

This was the third round of action in the case. The ED had earlier conducted searches on December 13, 2025 and June 15, 2026 at premises of individuals associated with the scheme, seizing incriminating documents and digital devices along with movable assets valued at Rs 1.5 crore. Five associates of Sharma — Hem Raj, Sukhdev Thakur, Abhishek Sharma, Milan Garg and Masoom Juneja — were arrested earlier, and a charge sheet along with a supplementary charge sheet against them has been filed before the Special Court in Shimla, the ED said.

Source: IANS via The Freedom Press

The ED's investigation was initiated on the basis of FIRs registered by the Himachal Pradesh and Punjab Police against Sharma and others. The agency says Sharma fled to Dubai after duping investors and remains at large, with legal proceedings initiated against him before the competent authorities. The accused have not been convicted; the ED's allegations will be tested in court.

Source: Nation Press

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