India busts $254 million cryptocurrency Ponzi scam network

2025-12-15 12:43:32

Indian authorities have launched a large-scale crackdown on a Ponzi scheme related to cryptocurrency, accused of causing approximately $254 million in losses to investors. The Indian Enforcement Directorate (ED) stated that raids were conducted at 8 locations across the states of Himachal Pradesh and Punjab under the Prevention of Money Laundering Act (PMLA).

According to the investigation, the scheme was led by Subhash Sharma and operated through multiple platforms such as Korvio, Voscrow, DGT, Hypenext, and A-Global. These unregulated platforms operated on a Ponzi and multi-level marketing model, enticing investors with promises of unrealistic profits. The group is also accused of manipulating fake token prices and repeatedly changing platform names to conceal fraudulent activities.

The ED stated that the illicit funds were laundered through cash, shell companies, and personal accounts. Authorities have currently frozen assets and affirmed that the investigation is ongoing, amid the rising global cryptocurrency scam epidemic.

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