Korvio Coin Fraud: ED Raids Atul Sood, Seizes ₹72 Lakh in ₹500 Crore Case

Enforcement Directorate detains Atul Sood in a ₹500 crore cryptocurrency fraud case involving the Korvio Coin network, seizing 72 lakh rupees and impacting over 250,000 individuals.

Investigation Details

The Enforcement Directorate detained Atul Sood in connection with an alleged ₹500 crore cryptocurrency fraud involving the Korvio Coin network, seizing 72 lakh rupees in cash during raids across Chandigarh, Mohali, and Zirakpur. The investigation revealed that over 250,000 individuals were impacted, with transactions surpassing $219 million through the digital currency platform under scrutiny.

Raids and Court Appearance

The ED’s Shimla sub-zonal office executed searches on October 28, followed by Sood’s appearance before the Special PMLA Court in Shimla on October 29, which extended his detention until November 5.

The Korvio Coin Scheme

Sood is alleged to have met Subhash Sharma, identified by the agency as the suspected mastermind behind the Korvio Coin scheme, in Dubai. Investigators are examining his role in organizing activities and facilitating fund movements linked to the operation. The ED’s probe focuses on a multi-level marketing scheme allegedly operated by Sharma and associates via an online platform since 2018.

Ponzi Structure and Investor Impact

Participants were reportedly enticed to invest in Korvio Coin with guarantees of high returns, mirroring a Ponzi structure where funds from new investors were used to pay earlier ones. Over 250,000 users are believed to have been affected, with transaction volumes exceeding $219 million and estimated losses totaling ₹500 crore.

Financial Maneuvers and Laundering

The ED noted that a significant portion of funds was collected in cash, then distributed through team leaders to Sharma and associates such as Vijay Kumar Juneja and Masoom Juneja. Some proceeds were allegedly used to purchase real estate, while others were laundered through multiple bank accounts before being converted into cryptocurrency to obscure their origins.

Complex Money-Laundering Tactics

The case involves complex financial maneuvers, including cryptocurrency transactions and layered banking activities, as part of the money-laundering investigation. This action follows prior ED operations in December 2025 and June 2026, which resulted in the seizure of assets valued at approximately ₹1.5 crore.

Ongoing Investigation and Legal Proceedings

Additional suspects linked to the network have been arrested, with legal proceedings initiated. The recent confiscation of 72 lakh rupees complements previously recovered assets. The ED continues to analyze financial flows, the roles of promoters and intermediaries, and methods used to conceal proceeds from the alleged fraud.

Future Steps and Asset Tracing

Investigators are also assessing the network of individuals involved in promoting Korvio Coin, collecting investments, and transferring funds through cash, bank accounts, and cryptocurrency. The case remains under active investigation, with efforts ongoing to identify further assets and trace remaining funds tied to the alleged ₹500 crore scam.