Neeraj BaliChandigarh, Oct. 31 -- India's Enforcement Directorate (ED) has arrested a close associate of the alleged mastermind behind a cryptocurrency investment fraud involving more than 2.48 lakh users and estimated investor losses of Rs 500 crore, following searches across Chandigarh, Mohali and Zirakpur that led to the seizure of Rs 72 lakh in cash.
The federal financial crime investigation agency said on Saturday that Atul Sood, an associate of Subhash Sharma, the alleged mastermind of the Korvio Coin (KRO) cryptocurrency scheme, was arrested during searches conducted on October 28 under the Prevention of Money Laundering Act (PMLA).
Sood was produced before a special PMLA court in Shimla on October 29, which remanded him to ED cust...