The Enforcement Directorate has arrested Atul Sood in connection with a massive cryptocurrency fraud related to the Korvio Coin network. This case involves alleged fraudulent activities amounting to ₹500 crore, impacting over 250,000 individuals. During raids conducted in Chandigarh, Mohali, and Zirakpur, authorities seized 72 lakh rupees in cash. The investigation has revealed that transactions on this digital currency platform exceeded $219 million.

On October 28, the ED's Shimla sub-zonal office carried out searches, leading to Sood's subsequent appearance before the Special PMLA Court in Shimla on October 29. His detention has been extended until November 5, as investigators delve into his involvement with Subhash Sharma, the suspected mastermind behind the Korvio Coin scheme. The probe is focusing on the multi-level marketing structure allegedly operated by Sharma and his associates since 2018.

Participants in this scheme were lured with promises of high returns, creating a Ponzi-like setup where funds from new investors were used to pay earlier participants. The investigation has uncovered that significant amounts of money were collected in cash and then distributed by team leaders to Sharma and associates such as Vijay Kumar Juneja and Masoom Juneja. Some of the proceeds were reportedly invested in real estate, while others were laundered through various bank accounts and converted into cryptocurrency to hide their origins.

This complex case involves money laundering through intricate financial maneuvers and layered banking operations. It follows previous ED actions in December 2025 and June 2026, where assets worth approximately ₹1.5 crore were seized. Additional arrests have been made, and legal proceedings are underway. The recent confiscation of 72 lakh rupees adds to the assets already recovered. The ED is actively tracing financial flows, assessing the roles of promoters and intermediaries, and identifying further assets linked to the alleged scam.