The Supreme Court has directed the Centre, the Central Bureau of Investigation (CBI) and the Himachal Pradesh government to take steps to bring Subhash Sharma, the alleged main accused in a major cryptocurrency fraud case, back to India from Dubai.
The court’s order has put fresh focus on a case that has affected a very large number of people. Investigators say more than 2.48 lakh users were linked to the alleged fraud. They also estimate the loss to investors at about ₹500 crore.
The case has drawn attention because Sharma has remained outside India while several other accused persons have faced arrest and investigation. According to the investigation, he left India and reached Dubai after the case came to light. The Supreme Court has now asked the authorities to pursue his extradition so that he can face the legal process in India.
A Case With Thousands of Investors
The alleged fraud is linked to a cryptocurrency-based multi-level marketing scheme. Investigators say the network used platforms such as Korvio, DGT, Hypenext and A-Global to attract people.
The promise was simple and attractive. Investors were told that they could earn high returns from cryptocurrency-related investments. According to the Enforcement Directorate (ED), the scheme also used claims of assured returns to bring more people into the network.
Investigators describe the structure as similar to a Ponzi scheme. In such a model, money from newer members is used to pay returns to earlier members. This can make the scheme appear successful for some time. The system depends on a steady flow of new money. Once that flow slows, the entire structure can face a serious crisis.
How the Alleged Scheme Worked
According to the ED, the operation began in 2018. Sharma is alleged to have worked with several other accused persons to create and operate the cryptocurrency-based MLM network.
One of the key names linked to the case is Korvio Coin, also referred to as KRO. Investigators say people were encouraged to put money into the token after promotional activity and claims about high returns.
The authorities allege that token values were manipulated and new tokens were introduced as the scheme grew. The purpose, according to investigators, was to keep the system active and attract more participants.
The online platforms were later shifted to foreign servers. Investigators say domains such as korvio.io and voscrow.com were used as part of the operation.
The Numbers Behind the Case
The scale of the alleged fraud is one of the biggest reasons the case has received attention.
Recovered digital records showed that more than 2.48 lakh users were affected, according to the ED. Investigators also found that transactions linked to the platforms crossed USD 219 million.
At one stage of the investigation, the estimated loss to investors was put at around ₹500 crore.
These numbers need some care because the total value of transactions and the estimated loss are not the same thing. More than USD 219 million refers to transactions traced through the platforms. The ₹500 crore figure refers to the estimated loss that investigators attribute to the alleged fraud.
The difference matters because a large amount of money can move through a financial network without all of it becoming a direct loss. Some money may return to investors, while another part may move through different accounts or assets.
Digital Evidence Became Important
The investigation also faced an attempt to remove digital records, according to the ED.
Investigators say some digital records and domain data were deleted in an effort to hide the alleged activities. However, recovered digital evidence helped investigators reconstruct parts of the operation.
That evidence reportedly showed the number of users and the size of the transactions. Digital records are especially important in a case of this type because much of the alleged activity took place through websites, online accounts, digital wallets and bank transfers.
The ED says the money trail also passed through several bank accounts, entities and intermediaries. A part of the money was allegedly converted into cryptocurrency, which investigators say made it harder to follow the funds.
Where Did the Money Go?
The ED has also examined the alleged movement of money after it left investors.
According to the agency, funds from investors were routed to Vijay Kumar Juneja and Masoom Juneja. Investigators allege that some of the money was then used to acquire immovable property.
The agency has further alleged that some properties were registered at values below their actual sale prices. The difference was allegedly paid in cash.
Investigators say this method helped hide the source of the money and made the financial trail harder to follow. They also allege that some proceeds were moved through several accounts and fictitious entities before they reached their final destinations.
The ED has taken action against several people linked to the case. In June 2026, it searched premises linked to Vijay Kumar Juneja and Masoom Juneja and arrested Masoom Juneja under the Prevention of Money Laundering Act.
In July, the ED also arrested Milan Garg, Sukhdev Thakur and Abhishek Sharma in connection with the investigation. Earlier, Hem Raj and Masoom Juneja had also faced arrest in the case.
Sharma Remains Outside India
The biggest challenge for investigators remains Subhash Sharma himself.
Authorities say Sharma left India and went to Dubai after the alleged fraud came to light. With the main accused outside the country, Indian agencies cannot simply take him into custody within India.
This is why the Supreme Court’s latest direction is important. The court has asked the Centre, the CBI and the Himachal Pradesh government to pursue the extradition process and bring Sharma back to India.
Extradition is not the same as an immediate arrest in another country. It involves a legal and diplomatic process between countries. The authorities must follow the required procedure and present the case before the relevant authorities in the country where the accused is located.
The Supreme Court’s direction therefore adds pressure on the agencies to move ahead with that process.
Supreme Court Wants a Special Court
The Supreme Court has also requested the Chief Justice of the Himachal Pradesh High Court to consider the creation of a special court for the case.
The idea is to have a dedicated judicial setup for such a large and complex matter. The case involves a large number of investors, several accused people, financial records, digital evidence and alleged money laundering.
A special court could help the legal process move in a more organised way. It could also allow the court to focus on the large amount of evidence and the many connected proceedings.
The Supreme Court has also directed the attachment of movable and immovable assets linked to Sharma and his relatives. Such action can help protect assets that may later be relevant to recovery or other legal proceedings.
Why This Case Matters
The case is important beyond the people named in the investigation because it shows the risks that can come with schemes that promise very high or assured returns.
Cryptocurrency itself is not the same as a Ponzi scheme. But digital assets can become part of fraudulent investment structures, especially when people are promised quick and guaranteed profits without a clear explanation of how those profits are created.
The alleged Korvio network also shows how online systems can allow a financial operation to reach a very large audience. More than 2.48 lakh users were linked to the platforms, while transactions crossed USD 219 million, according to investigators.
For authorities, the challenge is not only to identify the people behind the alleged fraud. They must also trace the money, identify assets, examine digital records and determine how much money can be recovered.
What Happens Next
The next major step is the extradition effort against Sharma. The Centre, CBI and Himachal Pradesh government now have the task of pursuing the process to bring him from Dubai to India.
At the same time, the ED’s money laundering probe will continue against the other accused and the alleged movement of funds.
The final legal outcome will depend on evidence presented before the courts. The allegations made by investigators still have to go through the judicial process, and an accused remains entitled to defend himself.
For the investors, however, the numbers already show the scale of the alleged damage: more than 2.48 lakh users, transactions above USD 219 million and an estimated loss of about ₹500 crore.
The Supreme Court’s latest order gives the long-running case a new direction. The focus now shifts to whether Indian authorities can bring the alleged mastermind back from Dubai and move the case towards a full trial and, where legally possible, recovery of the money involved.
ALSO READ: Pandora Trade Sends NFT Volume Soaring, But Data Misleads
