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The Enforcement Directorate has arrested Atul Sood, an alleged associate of the suspected mastermind in the ₹500 crore Korvio Coin cryptocurrency fraud, and seized ₹72 lakh in cash during searches conducted across Chandigarh, Mohali and Zirakpur.
The ED’s Shimla sub-zonal office carried out the searches on October 28 under the Prevention of Money Laundering Act, 2002. The agency said it also recovered incriminating documents, property papers, digital devices and bank account records during the operation.
Sood was produced before the Special PMLA Court in Shimla on October 29, which remanded him to ED custody until November 5.
ED Says Sood Met Alleged Mastermind in Dubai
According to the investigation, Sood had allegedly travelled to Dubai to meet Subhash Sharma, who the ED has identified as the suspected mastermind behind the Korvio Coin network.
The agency also alleged that Sood helped organise conferences and promotional events for Sharma even after FIRs had been registered in connection with the alleged fraud.
Investigators are examining Sood’s role in the wider network and whether he helped facilitate the promotion or movement of funds linked to the scheme.
The ED probe centres on a multi-level marketing operation allegedly run by Sharma and his associates through an online platform from 2018.
Investors were allegedly encouraged to invest in Korvio Coin with promises of assured high returns.
The agency alleges that the scheme operated like a Ponzi structure, in which money collected from new participants was used to make payments to earlier investors.
More Than 2.5 Lakh Users Allegedly Affected
Digital data recovered during the investigation allegedly showed that more than 2.5 lakh users were affected by the scheme.
The transactions linked to the network reportedly exceeded $219 million, while estimated investor losses were around ₹500 crore.
According to the ED, a large part of the money was allegedly collected in cash.
The funds were then routed through team leaders to Sharma and his associates, including Vijay Kumar Juneja and Masoom Juneja.
Investigators allege that a portion of the proceeds was used to purchase properties.
Some funds were also allegedly moved through multiple bank accounts before being converted into cryptocurrency in an effort to conceal their source.
The alleged use of cryptocurrency and layered bank transactions has become a key part of the money-laundering investigation.
Earlier Searches Led to ₹1.5 Crore Asset Seizure
The latest action follows earlier searches conducted by the ED in December 2025 and June 2026.
Those operations had resulted in the seizure of assets worth around ₹1.5 crore.
Several other alleged associates connected to the network have also been arrested, and prosecution complaints have been filed in the case.
The latest ₹72 lakh cash seizure adds to the assets already recovered during the investigation.
The ED is continuing to examine the flow of money, the role of promoters and intermediaries, and the methods allegedly used to convert and conceal the proceeds of the suspected fraud.
Investigators are also looking into the network of individuals who allegedly helped promote Korvio Coin, collect investments and move funds through cash, bank accounts and cryptocurrency.
The case remains under investigation, with the ED continuing efforts to identify additional assets and trace the remaining proceeds linked to the alleged ₹500 crore fraud.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
