In the Korvio Coin (KRO) cryptocurrency fraud case, the Enforcement Directorate has detained Atul Sood and seized ₹72 lakh in cash during searches in Chandigarh, Mohali, and Zirakpur. In the ₹2,500 crore cryptocurrency scam that reportedly impacted thousands of investors, another partner of alleged scam mastermind Subhash Sharma is now being investigated.

On October 28, 2026, the ED carried out the most recent searches in accordance with the Prevention of Money Laundering Act. Sood's purported involvement in Sharma-related activities and the fraudulent investment scheme is being investigated.

ED Arrests Atul Sood in Korvio Coin Fraud Investigation

The ED's Shimla Sub Zonal Office detained Atul Sood as part of its investigation into the Korvio Coin cryptocurrency scam. The agency claims that Sood was a close friend of Subhash Sharma, the alleged scheme mastermind.

Investigators discovered that Sood had reportedly organised conferences and other events for Sharma after travelling to Dubai to meet him. According to reports, these actions continued even after FIRs were filed against those involved in the fake bitcoin scheme.

The Special Court in Shimla brought Sood under the PMLA after his detention. To give investigators more time to question him regarding his alleged role and links inside the crime, the judge granted ED custody until November 5, 2026.

ED, Shimla has conducted search operations across Chandigarh, Mohali, and Zirakpur linked to the Korvio Coin (KRO) cryptocurrency fraud case under PMLA, 2002. The operations led to the seizure of incriminating documents, digital devices, and Rs. 72 Lakh in cash. During the search operation, Atul Sood was arrested and he was granted to ED custody till 05.11.2026.

— ED (@dir_ed) October 31, 2026

₹72 Lakh Cash Seized During Chandigarh & Mohali Searches

The most recent enforcement action occurred on October 28, 2026, when the ED searched several locations in Zirakpur, Mohali, and Chandigarh.

Investigators seized ₹72 lakh in cash, digital gadgets, records linked to bank accounts, and incriminating documents during the investigation. During the searches, documents pertaining to real estate were also found.

It is anticipated that the material that has been seized will help detectives look into bank transactions, real estate purchases, and other alleged activities related to the cryptocurrency fraud.

The action taken by ED is a part of its ongoing investigation into the processing and transfer of money obtained through the Korvio Coin investment scam.

How the Korvio Coin Cryptocurrency Investment Scheme Allegedly Worked

After Himachal Pradesh and Punjab Police filed formal complaints against Subhash Sharma and others, the ED started its probe.

The agency claims that Sharma and his partners used an online platform to run a multi-level marketing scam centred on cryptocurrencies. By guaranteeing large returns, investors were persuaded to buy Korvio Coin.

The arrangement was characterised by investigators as a Ponzi scheme in which funds obtained from new investors were allegedly utilised to compensate earlier participants.

Additionally, the agency claimed that some of the money raised was used to purchase real estate. According to reports, significant cash payments were made, and the registered property values were far less than the real purchase costs.

Thousands of people were allegedly impacted by the plan, and Sharma allegedly left for Dubai after investors suffered large financial losses.

Previous ED Searches & Arrests in the KRO Coin Scam

The most recent action comes after the ED searched locations connected to those involved in the Korvio Coin fraud on December 13, 2025, and June 15, 2026.

Approximately ₹1.5 crore worth of movable assets, digital gadgets, and incriminating papers were seized as a result of the activities.

Hem Raj, Sukhdev Thakur, Abhishek Sharma, Milan Garg, and Masoom Juneja are among the people connected to Sharma who have already been taken into custody.

On behalf of the appropriate authorities, ED has started prosecution proceedings against those involved in the inquiry. The agency is still investigating financial transactions, purported real estate purchases, and the allocation of investor monies.

The investigation remains ongoing, with further action expected as investigators examine evidence recovered during searches and question individuals allegedly connected to the scheme.

If you find any issues in this article or notice missing information, please feel free to reach out at team@etherworld.co for clarifications or updates.

To promote your Web3 articles, events, and projects, you may reach out anytime via EtherWorld PR for submissions and collaboration.

Related Articles

1. India Records $19B in Taxable Crypto Activity
2. India Parliament Panel Cancels August 27 Crypto Hearing
3. India Issues New Crypto Tax Rules From 2026
4. India to Ban Bitchat: Jack Dorsey Pushes Back
5. India Is Crypto’s Largest Market, Says Coinbase CEO

To follow blockchain news, track Ethereum protocol progress, and read our latest stories, subscribe to our weekly today.

Join the EtherWorld & Avarch Internship Program and build your career in blockchain, content, social media, video, podcast editing, or operations. Send your resume and brief introduction to contact@etherworld.co.