Directorate of Enforcement (ED), Chandigarh Zonal Office-I, arrested Kirshanu Sharda on 18.09.2026 under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a money laundering investigation involving Harcharan Singh Bhullar,
Directorate of Enforcement (ED), Shimla has conducted search operations at 08 premises located
in Himachal Pradesh and Punjab on 13.12.2025 under the provisions of the Prevention of Money
Laundering Act (PMLA), 2002 in connection with an ongoing investigation into a large-scale fake /
fictitious crypto currency-based Ponzi / Multi-Level Marketing (MLM) scam which duped lakhs of
investors belonging to the states Himachal Pradesh and Punjab to the tune of Rs. 2300 Crore
(approx.).
ED initiated investigation on the basis of multiple FIRs registered by various Police Stations located
in the states of Himachal Pradesh and Punjab against Subhash Sharma, the mastermind of the
scam (Subhash Sharma has fled the country in 2023) and other associated persons for offences
under various sections of IPC, 1860 the Chit Funds Act, 1982, the Banning of Unregulated Deposit
Schemes Act, 2019 and allied laws.
crypto currency-based MLM / ponzi schemes through various platforms.
ED investigation revealed that the accused persons allegedly floated and operated fraudulent
crypto currency-based MLM / ponzi schemes through various platforms. These platforms include Korvio, Voscrow, DGT, Hypenext, and A-Global. Fraudsters lured gullible investors with false promises of extraordinary returns.These schemes were, in reality, unregulated, self-created platforms. They operated like a Ponzi scheme. New investors’ funds paid earlier investors.
Further, search operations conducted by ED have revealed that:
A. The accused persons created multiple fake crypto platforms, manipulated the fake / fictitious
token prices, and periodically shut down and rebranded the platforms to conceal the fraud.
B. Well-known builders collected cash-based funds. These builders were also covered during the search operations. The accused used shell entities and personal bank accounts. They also involved their relatives to launder the Proceeds of Crime (PoC).
C. Several individuals who were acting as commission agents in the ponzi scheme earned
crores of rupees as commission by luring gullible new investors in the ponzi scheme.
D. Foreign travel incentives and promotional events were used to entice new investors and
expand the ponzi scheme.
E. The competent authority issued freezing orders on 04-11-2023 based on a state police investigation. The authority duly informed the Secretary of Finance of these orders. The Hon’ble Court also received the communication. Additionally, the Punjab Government informed its revenue authorities. Despite this, the sellers illegally sold 15 plots of land in Zirakpur, Punjab. Vijay Juneja, one of the arrested accused, conducted this sale. He was arrested by Himachal Pradesh Police in 2025. This was in blatant contravention of the law.
The search operations conducted by ED have frozen 03 lockers and bank balances. Fixed deposits totalling to Rs. 1.2 Crore (approx.) were also frozen. Moreover, various incriminating
documents relating to investment made in numerous immovable properties have been seized. These include benami properties acquired by the accused using PoC from the ponzi scheme. Authorities also seized investor databases, commission structures, and digital devices. This indicates large-scale generation and laundering of PoC.
Further investigation is under progress
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