Korvio Coin (KRO)
Summary
Korvio Coin (KRO) is an alleged fraudulent cryptocurrency launched in 2018 in Himachal Pradesh, India, by alleged mastermind Subhash Sharma and associates, operating as a multi-level marketing (MLM) Ponzi scheme across platforms including Korvio, DGT, Hypenext, and A-Global. The scheme allegedly defrauded over 248,000 investors of an estimated ₹1,740 crore in gross investment (with net fraud estimated at ₹500 crore), with victims including over 1,000 serving police personnel. India's Enforcement Directorate (ED) has been investigating under the Prevention of Money Laundering Act (PMLA) since March 2024, with multiple arrests made through July 2026, while the alleged principal architect Subhash Sharma is believed to have fled to Dubai.
Connected Entities
1 entities · 10 linked investigationsTimeline(10 events)
2018-01-01
Alleged mastermind Subhash Sharma, along with co-accused Hem Raj, Milan Garg, Sukhdev Thakur, Abhishek Sharma, and others, launched the Korvio Coin (KRO) multi-level marketing cryptocurrency scheme in Himachal Pradesh, India.
CryptoTimes / The Tribune India2022-12-31
The scheme's active investment period reportedly ends. Gross investor inflows across the scheme's lifetime are estimated at ₹1,740 crore from approximately 248,000 participants.
CryptoTimes2023-07-01
Independent MLA Hoshyar Singh Chambyal raises the Korvio Coin fraud during the Himachal Pradesh Assembly Monsoon Session, presenting a list of approximately 450 defrauded constituents and triggering official attention.
CryptoTimes2023-10-01
Himachal Pradesh Police SIT conducts raids at 41 locations and arrests early accused Sukhdev Thakur and Hemraj Rajput in Gujarat. Thakur reportedly confesses to approximately ₹400 crore in scheme liabilities.
BusinessToday / The Tribune India2023-10-24
BusinessToday reports that over 1,000 Himachal Pradesh police officers lost significant personal savings to the Korvio Coin and DGT Coin scheme, with some officers having become active promoters.
BusinessToday2023-11-05
SIT arrests eight more accused in connection with the scheme, including four serving police officers and a forest guard, bringing total arrests to 18.
CoinGeek / FinanceFeeds2024-03-01
India's Enforcement Directorate formally takes cognizance of the money laundering case under the Prevention of Money Laundering Act (PMLA), 2002, stemming from multiple FIRs registered in Himachal Pradesh and Punjab.
CryptoTimes2026-06-15
The ED's Shimla office conducts search-and-seizure operations and arrests Masoom Juneja under Section 19(1) of the PMLA as a key alleged accomplice. Co-accused Vijay Juneja is held in state police custody. The ED recovers incriminating documents and digital devices.
CryptoTimes / The Tribune India2026-07-15
CryptoTimes reports the Himachal Pradesh probe has stalled: 76 total SIT arrests, 69 already on bail, no trial commenced, and alleged mastermind Subhash Sharma remains in Dubai.
CryptoTimes2026-07-17
The ED arrests three additional accused — Milan Garg, Sukhdev Thakur, and Abhishek Sharma — under PMLA Section 19(1). A Special Court (PMLA) in Shimla grants 12 days of custodial interrogation.
CryptoTimes / FinanceFeedsDecision Log
- #1publish⛓ pending7/28/2026, 5:28:33 PMhash: 8b9szDXyUjgT6JJdoA42pWaajfoh2e2Cg6xKSqC6qzWT
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model: claude-sonnet-4-6
generated: 7/28/2026, 5:28:20 PM
last updated: 7/28/2026, 6:45:21 PM
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