Indian Authorities Crack Down on $254 Million Crypto Ponzi Scheme
Indian authorities raided locations linked to a massive crypto Ponzi scheme allegedly masterminded by Subhash Sharma, causing $254 million in investor losses.Summary
India's Directorate of Enforcement (ED) conducted search operations in Himachal Pradesh and Punjab related to a large-scale, multi-platform crypto Ponzi and multi-level marketing (MLM) scheme that defrauded hundreds of thousands of investors of approximately Rs. 2,300 crore (about $254 million). The alleged mastermind, Subhash Sharma, fled India in 2023. The scheme operated through unregulated platforms like Korvio and Voscrow, luring investors with promises of extraordinary returns while manipulating token prices and rebranding frequently to hide the fraud. Proceeds of crime were laundered via cash collections, shell entities, and personal accounts. During recent searches, the ED froze assets worth about $132,000 and seized incriminating documents, including property records and investor databases, indicating large-scale laundering. This crackdown occurs amid a global surge in crypto scams, evidenced by the FBI reporting $9.3 billion lost to crypto-related complaints in 2024.
(Source：BeInCrypto)