BREAKING: Indian ED busts a >$270M #CryptoPonzi scam in Himachal Pradesh

India’s Enforcement Directorate (#ED) has busted a crypto-linked Ponzi scam worth over $270 million (₹2,300 crore), involving nearly 100,000 investors, including around 5,000 government employees, across Himachal Pradesh and Punjab. The agency launched a massive probe under the Prevention of Money Laundering Act (#PMLA), conducting searches at multiple locations.

Investigators say the alleged mastermind, Subhash Sharma, fled India in 2023 and has been operating from an undisclosed overseas location. Despite this, the schemes continued through local associates and commission agents.

The accused ran several unregulated crypto Ponzi platforms — Korvio, Voscrow, DGT, Hypenext, and A-Global — luring investors with promises of “extraordinary returns” using fictitious tokens with no real value. Funds from new investors were recycled to pay earlier participants, while token prices were manipulated internally. Platforms were repeatedly shut down and rebranded to evade detection.

The ED found that illicit proceeds were laundered via cash transactions, shell entities, and personal bank accounts, with commission agents earning crores by recruiting victims through foreign travel incentives and promotional events. The probe also revealed violations of asset-freezing orders, including the illegal sale of land in Punjab.