Crypto Scam Unraveled: Rs 500 Crore Fraud Exposed in Himachal Pradesh

The Enforcement Directorate has unveiled a Rs 500 crore cryptocurrency-based MLM scam led by Subhash Sharma, involving more than 2.48 lakh investors. Following an investigation, incriminating evidence including digital devices was recovered, revealing extensive fund layering, fictitious firms, and manipulation to hide the fraudulent activities.

In a significant revelation, the Enforcement Directorate (ED) has uncovered a staggering Rs 500 crore fraud associated with a cryptocurrency-based multi-level marketing scheme operated out of Himachal Pradesh. The scam, led by fugitive mastermind Subhash Sharma, involves over 2.48 lakh investors, according to data retrieved by investigators.

The intricate financial scheme was exposed as investigators detailed how funds were funneled through multiple accounts, shell companies, and converted into cryptocurrency to obscure their trail. In an attempt to evade justice, Sharma reportedly fled to Dubai, as affirmed by ED sources. Funds from this scam were linked to Vijay Kumar Juneja and Masoom Juneja.

In a proactive step, ED's Shimla office conducted searches at the residences of the Junejas, recovering crucial documents and digital devices under the Prevention of Money Laundering Act (PMLA), 2002. The operation stems from FIRs lodged by Himachal Pradesh and Punjab police, accusing Sharma and a network of accomplices of orchestrating a complex MLM scheme via online platforms, promising high returns through manipulated cryptocurrency operations.