Korvio Coin Scam Deepens: ED Probe Traces Crypto Laundering Network, Fake Firms, Dubai Link Emerges
The Enforcement Directorate has arrested Masoom Juneja in a major cryptocurrency fraud case linked to the Korvio Coin scam. The case involves a suspected Rs. 500 crore scam that affected more than 2.48 lakh investors across India.
Officials also carried out raids at places linked to Vijay Kumar Juneja and Masoom Juneja under money laundering laws.
During the raids, investigators found important documents and digital devices that may help in the case. The case started after police in Himachal Pradesh and Punjab filed FIRs against Subhash Sharma and his group. The ED is now investigating the money trail and the role of all the accused persons.
How the Investment Scheme Operated
According to officials, the group started a crypto-based investment scheme in 2018. They promoted Korvio Coin through online platforms and claimed that investors would get high and fixed returns. Many people joined after attending online promotions and seminars that showed fake success stories.
The scheme worked like a Ponzi system. Money from new investors was used to pay earlier investors. This helped the operators keep the fraud running for a long time. The group also changed tokens and used different websites like korvio.io and voscrow.com to continue the operations.
The investigation shows that more than 2.48 lakh people invested in this scheme. Total transactions crossed USD 219 million. Officials estimate that investors lost around Rs. 500 crore in this fraud. Many small investors lost their savings after trusting the platform’s promises.
Money Trail and Alleged Laundering Network
The ED also found that the money was moved through many bank accounts and fake companies. Some funds were even changed into cryptocurrency to hide the real source of money. This made the investigation more complex and harder to trace at first.
Officials said that the money finally reached Vijay Kumar Juneja and Masoom Juneja. The agency also claims that they used this money to buy properties at low declared prices while paying extra cash outside of records. This helped them hide the illegal funds.
Statements collected during the investigation suggest that cash was also handled on behalf of Subhash Sharma and his partners. Authorities believe that some bank accounts were controlled through other people’s names to avoid detection.
Investigation Continues as Mastermind Remains Abroad
Subhash Sharma, who is believed to be the main mastermind, reportedly left India and went to Dubai after the scam came out. The Enforcement Directorate is still tracking his location and financial links.
The investigation is still going on, and officials are checking more digital records and money transfers. More arrests may happen as the case moves forward and more details come out.
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