ED searches Tricity, seizes Rs 72 lakh in Korvio Coin crypto fraud case
The ED has searched premises in Chandigarh, Mohali and Zirakpur in the Korvio Coin (KRO) case, seized Rs 72 lakh in cash and arrested an associate of the scheme's alleged main operator.
Key points
- The ED searched premises in Chandigarh, Mohali and Zirakpur on 28 October 2026 in the Korvio Coin (KRO) cryptocurrency case and arrested one person.
- The ED says over 2.48 lakh users were affected, with estimated investor losses of about Rs 500 crore; it seized Rs 72 lakh in cash in the searches.
- A Shimla PMLA court gave the ED custody of the arrested person till 5 November 2026; the accused are presumed innocent until proven guilty.
Photo: Dominic / Wikimedia Commons, CC0 1.0 (cropped). Representational image.
The Enforcement Directorate (ED) said on 31 October 2026 that its Shimla sub-zonal office searched several locations in Chandigarh, Mohali and Zirakpur on 28 October 2026 in the Korvio Coin (KRO) cryptocurrency fraud case under the Prevention of Money Laundering Act (PMLA), 2002. It seized Rs 72 lakh in cash, property documents, digital devices and bank records, and arrested one person, the agency said.
What Happened
According to the ED, the arrested person is a close associate of the alleged main operator of the scheme, travelled to Dubai to meet him and arranged conferences and events for him even after FIRs had been registered. The Special Court (PMLA) at Shimla, before which he was produced on 29 October 2026, granted the ED his custody till 5 November 2026.
The ED's case is based on FIRs registered by the Himachal Pradesh and Punjab Police. The ED has alleged that the main accused and his associates ran a cryptocurrency-based multi-level marketing scheme through an online platform, inducing people to invest in Korvio Coin with promises of assured high returns. According to the ED, the scheme worked as a Ponzi model, in which money from new investors was used to pay earlier ones.
The ED said recovered digital data showed more than 2.48 lakh users were affected, with transactions exceeding USD 219 million and estimated investor losses of about Rs 500 crore. It alleges that investor money was mostly collected in cash, passed to team leaders and routed onward, partly used to buy property at undervalued registered prices, and partly converted into cryptocurrency. The ED said the main accused is in Dubai and that it has started legal proceedings against him.
Earlier searches on 13 December 2025 and 15 June 2026 led to seizures of movable assets worth about Rs 1.5 crore. Five associates were arrested earlier and prosecution complaints against them have been filed before the Special Court in Shimla, the ED said.
What It Means
Investors who lost money in such a scheme can report it at https://cybercrime.gov.in or on helpline 1930.
These are allegations, not findings of guilt; the accused are presumed innocent until proven guilty in court, and due process continues.
This report describes enforcement actions and allegations on the public record, attributed to the officials cited. An order, FIR or chargesheet is not a conviction; parties are presumed innocent until proven guilty.
Named in this report, or spotted an error? Corrections and responses: editor@oquilia.com. We correct errors promptly and record responses from named parties.
Sources & Citations
- Enforcement Directorate press release — Enforcement Directorate