ED arrests Masoom Juneja on money laundering in ₹500cr scam
The Enforcement Directorate (ED) has uncovered a massive ₹5,000,000,000 crypto scam that tricked over 248,000 people.
On June 15, the ED raided properties linked to Vijay Kumar Juneja and Masoom Juneja, arresting Masoom on money-laundering charges.
The scam, which started in 2018 by Subhash Sharma and others, promised big returns through "Korvio Coin (KRO)," but those promises turned out to be fake.
Subhash Sharma fled to Dubai
ED says the operation ran like a Ponzi scheme: new investors' money was used to pay off earlier ones.
The group moved funds through multiple accounts, shell companies, and cryptocurrencies to cover their tracks and even bought undervalued properties for laundering cash.
With transactions topping $219 million, Sharma fled to Dubai after the fraud came to light in an attempt to evade prosecution.