Shimla court granted 12 days’ custody after ED alleged a Ponzi-style MLM network drew more than 248,000 investors and processed over $219 million through Korvio, DGT, Hypenext and A-Global.
India’s Enforcement Directorate arrested Milan Garg, Sukhdev Thakur and Abhishek Sharma under the PMLA in an alleged ₹500 crore cryptocurrency fraud tied to Korvio Coin (KRO). The agency says the scheme operated from 2018 as a multi-level marketing network that promised fixed, guaranteed returns and rapid token appreciation, while using fresh investor deposits to pay earlier participants. Investigators say more than 248,000 users invested through platforms including Korvio, DGT, Hypenext and A-Global, with transactions exceeding $219 million. A special court in Shimla granted the ED 12 days of custody of the accused as it traces additional proceeds of crime and the broader laundering network. The arrests come amid wider ED action against crypto-linked financial crime, including a separate probe in which the agency seized about ₹3.35 crore in cryptocurrency, ₹14.5 lakh in cash and froze more than ₹40 lakh in bank balances in an alleged online investment and work-from-home fraud involving ₹14.95 crore.