The Enforcement Directorate (ED) of India
conducted a massive operation on December 13, 2025, in the states of
Himachal Pradesh and Punjab, investigating a financial fraud scheme using
fake cryptocurrency MLM platforms

🔎 The essence of fraud and investigation

  • Amount of damage: According to the investigation, investors lost about 2,300 crore rupees (approximately $254 million)

  • Scheme of operation:
    Scammers attracted people through fake platforms (Korvio, DGT,
    Hypenext and others), promising high returns from 'investments' in non-existent
    tokens. This was a classic Ponzi scheme and multi-level marketing (MLM): payments to old investors were made from the money of new ones

  • Scam methods: Constant rebranding of platforms, manipulation of fake token prices, and money laundering through cash transactions, shell companies, and personal accounts

  • Raid results: During the searches, assets (accounts, safes) were frozen and evidence was seized, including databases of investors

  • Organizer: Established organizer, Subhash Sharma, fled India in 2023

⚖️ Status of the investigation and background

This is not a new case. The investigation began back in 2023 based on numerous statements from defrauded investors

The High Court of Himachal Pradesh has already denied bail
to the key figure, emphasizing the seriousness of this economic
crime

Operation ED from December 13, 2025, is a new phase in this
long-term investigation under the Prevention of Money Laundering Act
(PMLA)

#КриптоМошенничество
#Индия
#МЛМАфера
#EDрасследование
#БезопасностьИнвесторов