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The Enforcement Directorate (ED) has taken fresh action against the alleged Korvio Coin ($KRO) Ponzi scheme.
Here are the key developments:
▪️ ₹72 lakh in cash seized during raids across Chandigarh, Mohali and Zirakpur.
▪️ Atul Sood arrested and remanded to ED custody until November 5.
▪️ Over 2.48 lakh investors reportedly affected.
▪️ Estimated investor losses reach ₹500 crore ($52.5M).
▪️ Transactions exceeding $219 million identified.
According to the ED, the alleged MLM scheme promised guaranteed returns and used money from new investors to pay earlier participants.
The alleged mastermind, Subhash Sharma, reportedly fled to Dubai.
⚠️ IMPORTANT LESSON FOR CRYPTO INVESTORS:
Guaranteed profits, referral-based investment schemes and unrealistic returns are major warning signs.
Crypto offers opportunities, but protecting your capital must always come first.
