ED Arrests Korvio Coin Accomplice in ₹500 Crore Ponzi Probe

The Enforcement Directorate arrested Masoom Juneja, a key figure in the ₹500 crore Korvio Coin ponzi scheme, officials said. Juneja was taken into custody under the Prevention of Money Laundering Act after searches across multiple states.

The ED's investigation traced investor money through a web of shell companies. Juneja managed the cash flow that diverted funds into real estate and crypto assets, according to the agency. Korvio Coin had promised returns of 10-15% monthly through a proprietary token. Early investors were paid with new money, a classic ponzi structure.

Himachal Pradesh police first registered a case in 2022 after thousands of investors reported losses. The ED took over the money-laundering angle later that year. Juneja's arrest follows the detention of two other promoters earlier this year.

The agency has frozen bank accounts and properties worth roughly ₹120 crore linked to the scheme. Officials said more arrests are likely as the probe widens to include overseas transfers. Juneja will be produced before a special PMLA court in Shimla later this week.