RYPTOCURRENCY FRAUD CASE
VARIOUS INCRIMINATING DOCUMENTS, INCLUDING PROPERTY-RELATED DOCUMENTS, MULTIPLE DIGITAL DEVICES AND RECORDS PERTAINING TO BANK ACCOUNTS, ALONG WITH CASH AMOUNTING TO RS. 72 LAKHS, WERE SEIZED. THE INVESTIGATION REVEALED THAT ATUL SOOD, A CLOSE ASSOCIATE OF SUBHASH SHARMA, THE ALLEGED MASTERMIND BEHIND THE FRAUDULENT CRYPTOCURRENCY SCHEME THAT CAUSED LOSSES AMOUNTING TO CRORES OF RUPEES TO INVESTORS, HAD TRAVELLED TO DUBAI TO MEET SUBHASH SHARMA AND WAS INVOLVED IN ARRANGING CONFERENCES AND OTHER EVENTS FOR HIM.
Face2News/Shimla/Mohali/Chandigarh/Zirakpur
Directorate of Enforcement (ED), Shimla Sub-Zonal Office, has conducted search operations at various locations across Chandigarh, Mohali and Zirakpur on 28.10.2026 under Section 17(1) of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the cryptocurrency fraud case involving Korvio Coin (KRO).
During the search operation, various incriminating documents, including property-related documents, multiple digital devices and records pertaining to bank accounts, along with cash amounting to Rs. 72 lakhs, were seized. The investigation revealed that Atul Sood, a close associate of Subhash Sharma, the alleged mastermind behind the fraudulent cryptocurrency scheme that caused losses amounting to crores of rupees to investors, had travelled to Dubai to meet Subhash Sharma and was involved in arranging conferences and other events for him.
These activities were carried out even after the registration of FIRs in connection with the fraudulent scheme. During the search operation, Atul Sood was arrested and produced before the Hon’ble Special Court, PMLA, Shimla, on 29.10.2026, which granted his custody till 05.11.2026.
Earlier, ED had conducted search operations on 13.12.2025 and 15.06.2026 at the premises of various individuals associated with the fictitious cryptocurrency scheme, resulting in the seizure of incriminating documents and digital devices along with movable assets valued at Rs. 1.5 Crore (Approx.).
In connection with the case, various associates of Subash Sharma namely Hem Raj, Sukhdev Thakur, Abhishek Sharma, Milan Garg and Masoom Juneja were arrested. The prosecution complaint, along with the supplementary prosecution complaint, against them has been filed before the Hon’ble Special Court, Shimla.
ED investigation was initiated on the basis of FIRs registered by the Himachal Pradesh and Punjab Police against Subhash Sharma and others. The investigation revealed that Subhash Sharma, in connivance with his associates, including Hem Raj, Sukhdev Thakur, Abhishek Sharma and others, operated a cryptocurrency-based multi-level marketing (MLM) scheme through an online platform, inducing investors to invest in Korvio Coin (KRO) by promising assured high returns.
The scheme functioned on a Ponzi model, wherein funds received from new investors were used to pay earlier investors. Recovered digital data indicated that more than 2.48 lakh users were affected by the fraud, involving transactions exceeding USD 219 million and estimated investor losses of approximately Rs. 500 crores.
Investigation has revealed that the funds collected from new investors were predominantly received in cash and delivered to the leaders of the respective teams, from where they were ultimately routed to Subhash Sharma and his associates, including Vijay Kumar Juneja and Masoom Juneja. It was also revealed that a portion of the funds collected from investors was allegedly utilised for acquiring immovable properties, with substantial consideration being paid in cash and registered values being significantly lower than the actual consideration. A smaller portion of the funds received from new investors was routed through multiple bank accounts, fictitious firms and intermediaries and were partly converted into cryptocurrency to conceal their origin and movement.
Subhash Sharma, the mastermind behind the fictitious cryptocurrency scam, fled to Dubai after duping thousands of investors, leaving them to suffer substantial financial losses. ED has already initiated legal proceedings against Subhash Sharma before the competent authorities in connection with the said case. Further investigation is under progress.
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