Indian authorities have taken steps to recover funds misappropriated through Subhash Sharma’s MLM crypto Ponzi empire.
Scams named as part of Sharma’s empire include Korvio, Voscrow, DGT, Hypenext, and A-Global.
The Enforcement Directorate has pegged Sharma’s crypto scam losses at around $256 million. Victims number in the thousands.
Sharma himself (right) disappeared back in 2023. Quoting “police sleuths”, the Hindustan Times
reports
Sharma is believed to have
fled to Dubai
.
The recent crackdown has seen the Enforcement Directorate raid “eight premises in Himachal Pradesh and Punjab.
From a
December 15th report from The Times of India
;
The ED initiated these search operations on Saturday under the Prevention of Money Laundering Act.
The raids resulted in the immediate freezing of assets and the seizure of key documents that point to a sophisticated, large-scale money laundering operation.
The total haul is pegged at around 1.2 crore, just ~$133,000 of the $256 million Sharma stole through his scams.
One of Sharma’s accomplices, Vijay Juneja, was arrested earlier this year for selling court-ordered frozen assets. Two other accomplices, Hemraj Thakur and Sukhdev, were arrested in 2023.
Preliminary investigation revealed that members of the police force may also have been complicit in the scam, with reports suggesting that they had invested in cryptocurrency and encouraged others to follow suit.
Some reports alleged that some officers took premature retirement because of their connection to such crypto investments.
Indian authorities were reported to have been looking into requesting Interpol’s help to apprehend Sharma after he fled. There doesn’t appear to have been any further developments since 2023.
🤖 Quick Answer
Who is Subhash Sharma in the context of cryptocurrency fraud in India?Subhash Sharma is an Indian national linked to a multi-level marketing (MLM) crypto Ponzi empire encompassing schemes such as Korvio, Voscrow, DGT, Hypenext, and A-Global. India's Enforcement Directorate estimates losses at approximately $256 million, with thousands of victims affected. Sharma reportedly fled to Dubai in 2023.
What enforcement actions have Indian authorities taken against Subhash Sharma's MLM crypto Ponzi schemes?
The Enforcement Directorate conducted raids on eight premises across Himachal Pradesh and Punjab under the Prevention of Money Laundering Act. These operations, initiated in December 2024, targeted assets linked to Sharma's fraudulent network and resulted in the immediate freezing of misappropriated funds and properties.
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