Korvio Coin Fraud Case: ED Arrests Atul Sood, Seizes Rs 72 Lakh
Latest News: ED Raids Hit Chandigarh, Mohali, and Zirakpur
Latest crypto news from India: on 28 October 2026, Enforcement Directorate (ED) teams searched locations in Chandigarh, Mohali, and Zirakpur.
It all ties back to the Korvio Coin fraud case, which the agency is probing under the Prevention of Money Laundering Act (PMLA), 2002.
Investigators seized incriminating documents, digital devices, and Rs 72 lakh in cash, about Rs 7.2 million. The papers include property records and bank account details. The agency shared the update in an official post on X on 31 October 2026.
Who Is Atul Sood? Close Associate Arrested During Searches
Atul Sood is described as a close associate of Subhash Sharma, the alleged mastermind. Investigators say he travelled to Dubai to meet Sharma. He also helped arrange conferences and other events for him, even after police first information reports (FIRs) were registered.
He was produced before the Special PMLA Court in Shimla on 29 October 2026. The court granted ED custody until 5 November 2026. The arrest adds another name to the crypto fraud probe.
How Korvio Coin Allegedly Worked as a Ponzi Scheme
The probe began with FIRs from Himachal Pradesh and Punjab Police against Sharma and others. The agency says he and his associates ran a crypto-based multi-level marketing (MLM) scheme through an online platform.
Investors were induced to invest in Korvio Coin (KRO) with promises of assured high returns.
Funds from new investors paid earlier ones, which is how a Ponzi scheme works. Recovered digital data points to the scale below.
Detail | Figure |
Users affected | More than 2.48 lakh (248,000) |
Transactions | Over USD 219 million |
Estimated investor losses | About Rs 500 crore (Rs 5 billion) |
Cash seized in latest search | Rs 72 lakh |
Custody of Atul Sood | Until 5 November 2026 |
Source: Directorate of Enforcement press release, 31 October 2026.
What the Korvio Coin Fraud Case Reveals About Money Flow
The agency says money from new investors was mostly received in cash. It was then delivered to team leaders and passed on to Sharma and his associates, including Vijay Kumar Juneja and Masoom Juneja.
A part of the funds allegedly went into immovable properties, a route often tied to money laundering. Much of the price was paid in cash, while registered values stayed well below the real price.
A smaller share took a longer path. It passed through bank accounts, fictitious firms, and middlemen. Part of it was swapped into crypto, which made the trail harder to follow.
Earlier Actions, Arrests, and What Comes Next in the Probe
ED had also searched premises linked to the scheme in December 2025.
A second round followed on 15 June 2026. Together, the two rounds led to seizures of incriminating documents, digital devices, and movable assets worth about Rs 1.5 crore.
Five associates were arrested before Sood: Hem Raj, Sukhdev Thakur, Abhishek Sharma, Milan Garg, and Masoom Juneja. The July 2026 arrests were announced in a separate release.
A prosecution complaint and a supplementary one are filed against them before the Special Court in Shimla. The Korvio Coin fraud case now stands at six arrests.
Sharma fled to Dubai after duping thousands of investors, and legal proceedings against him have already begun. ED says further investigation is in progress. These are agency allegations, and the court will decide the case. Readers should treat assured-return promises as a warning sign.
The next crypto news update on the Korvio Coin fraud case is expected once the court takes up the matter again.
Disclaimer: This article is for educational and informational purposes only and should not be considered financial or investment advice. Always conduct your own research before making investment decisions.
