Crypto Ponzi Scam Busted: ED Raids 8 Premises in Himachal Pradesh and Punjab and Uncovers INR 2,300 Crore Scheme; Seizes INR 1.2 Crore Assets
The Enforcement Directorate (ED) conducted raids at eight locations in Himachal Pradesh and Punjab, uncovering a massive crypto-based Ponzi and MLM scam worth INR 2,300 crore. The probe targets Subhash Sharma, who fled in 2023, and his associates. ED seized INR 1.2 crore in assets, bank accounts, digital devices, and benami property documents.
The Directorate of Enforcement (ED), Shimla, conducted search operations at eight premises in Himachal Pradesh and Punjab on December 13, 2025, in connection with a massive crypto-based Ponzi and MLM scam that duped investors of approximately INR 2,300 crore. The investigation targets Subhash Sharma, who fled the country in 2023, and his associates for offences under IPC, the Chit Funds Act, and the Banning of Unregulated Deposit Schemes Act. The accused allegedly ran fraudulent platforms including Korvio, Vosrov, DGT, Hypenext, and A-Global, manipulating token prices, rebranding platforms, and luring investors with false promises. ED seized bank accounts, lockers, digital devices, and "benami property documents", while freezing assets worth INR 1.2 crore, highlighting large-scale laundering of illicit proceeds. The ED said that the investigation was ongoing. WhatsApp New Feature Update: Meta-Owned Platform Launches Missed Call Messages, Status Stickers and Channel Questions; Check Details.
Enforcement Directorate (ED) Raids Himachal and Punjab Crypto Ponzi Scam
BREAKING: 🇮🇳 ED busts ₹2,300 crore fake crypto Ponzi scam in Himachal Pradesh and Punjab. pic.twitter.com/uqgeyVAVnD
— Crypto India (@CryptooIndia) December 15, 2025
(The above story first appeared on LatestLY on Dec 15, 2025 03:58 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
