Shimla, October 31, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has arrested a close aide of alleged cryptocurrency scam mastermind Subhash Sharma after conducting searches at multiple locations in Chandigarh, Mohali and Zirakpur in connection with the Rs 500-crore Korvio Coin (KRO) fraud. The agency seized Rs 72 lakh in cash, property-related documents and digital evidence during the operation.
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, according to an official statement issued on Saturday.
Investigators seized incriminating documents, multiple digital devices, bank account records and cash amounting to Rs 72 lakh.
The arrested accused, Atul Sood, was allegedly closely associated with Subhash Sharma and played an active role in organising conferences and other events for him. The ED said Sood had also travelled to Dubai to meet Sharma.
According to the agency, these activities continued even after FIRs had been registered in connection with the alleged cryptocurrency fraud.
Sood was produced before the Special PMLA Court in Shimla on October 29, which granted the ED his custody until November 5.
Over 2.48 lakh investors allegedly affected
The ED investigation, initiated on the basis of FIRs registered by the Himachal Pradesh and Punjab Police, has revealed the alleged operation of a cryptocurrency-based multi-level marketing (MLM) scheme through an online platform.
According to the agency, Subhash Sharma and his associates induced investors to purchase Korvio Coin by promising assured high returns. The scheme allegedly operated on a Ponzi model, under which money collected from new investors was used to pay earlier participants.
Recovered digital evidence indicated that more than 2.48 lakh users were affected, with transactions exceeding $219 million and estimated investor losses of around Rs 500 crore.
The ED further alleged that money collected from investors was largely received in cash and passed through team leaders before being routed to Sharma and his associates, including Vijay Kumar Juneja and Masoom Juneja.
Investigators also found that a portion of the proceeds was allegedly used to acquire immovable properties. Substantial payments were reportedly made in cash, while the registered property values were significantly lower than the actual consideration.
A smaller portion of the funds was allegedly moved through multiple bank accounts, fictitious firms and intermediaries before being partly converted into cryptocurrency to conceal its origin and movement.
Earlier arrests and ED action
The agency had previously conducted searches on December 13, 2025, and June 15, 2026, at premises linked to individuals associated with the alleged cryptocurrency scheme. Those operations resulted in the seizure of incriminating documents, digital devices and movable assets valued at Rs 1.5 crore.
Several associates of Sharma, including Hem Raj, Sukhdev Thakur, Abhishek Sharma, Milan Garg and Masoom Juneja, have also been arrested in connection with the case.
The ED has filed a charge sheet and a supplementary charge sheet against the accused before the Special Court in Shimla.
Subhash Sharma, whom the agency has identified as the alleged mastermind, reportedly fled to Dubai after the scheme collapsed, leaving thousands of investors facing substantial financial losses.
The ED said legal proceedings against Sharma had already been initiated before the competent authorities.
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