The Supreme Court has directed the Centre, the Central Bureau of Investigation (CBI) and the Himachal Pradesh government to pursue the extradition of Subhash Sharma, the alleged main accused in a cryptocurrency-linked fraud case. The court also ordered the attachment of movable and immovable assets belonging to Sharma and his relatives.
The case has drawn attention as investigators say hundreds of thousands of people were connected to allegedly fictitious crypto platforms and multi-level marketing schemes.
Investigators Trace More Than 2.48 Lakh Users
According to the Enforcement Directorate, its investigation began with FIRs registered by Himachal Pradesh and Punjab Police.
In December 2025, the agency described the wider fake cryptocurrency Ponzi and MLM investigation as involving approximately Rs. 2,300 crore. In June 2026, the ED said recovered digital records showed more than 2.48 lakh users, transactions exceeding USD 219 million and an estimated loss of around Rs. 500 crore.
These figures describe different stages and aspects of the investigation and should not be treated as directly additive.
The Indian Express also reported an ED officer’s explanation that around Rs. 1,740 crore was invested between 2018 and 2022, while the alleged fraud was calculated at roughly Rs. 500 crore as some investors had received money back as returns.
How the Alleged Scheme Operated
The ED alleges that Sharma and his associates launched a cryptocurrency-based MLM scheme in 2018 and promoted Korvio Coin.
According to the agency, platforms including Korvio, Voscrow, DGT, Hypenext and A-Global were used to attract investors with promises of high returns. Investigators allege that token values were manipulated and funds from new participants were used to pay earlier investors.
The ED further alleges that some proceeds were routed through fictitious firms, intermediaries and cryptocurrency transactions before being used for property purchases.
Extradition and Asset Recovery Become Key
Sharma left India in 2023 and has reportedly remained in Dubai. The Supreme Court has now asked authorities to bring him back through the extradition process.
The court also requested the Chief Justice of the Himachal Pradesh High Court to constitute a special court exclusively for the case.
Asset recovery will remain critical. Earlier ED action froze bank balances, fixed deposits and lockers worth about Rs. 1.2 crore.
The allegations are still subject to investigation and trial, and neither enforcement action nor transaction volume by itself establishes guilt or the final loss suffered by individual investors.
Also Read: Subhash George Faces Rs. 99 Lakh Crypto Fraud Case as Rs. 100 Crore Allegations Draw Scrutiny
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