Shimla ED Raids Premises of Two Accused in ₹500 Crore Crypto Scam

June 15, 2026

Shimla: The Enforcement Directorate (ED) carried out search operations at multiple premises linked to two accused in a ₹500 crore cryptocurrency scam and recovered incriminating documents and digital devices, officials said on Monday.

The ED Shimla office conducted searches at the premises of Vijay Juneja and Masoom Juneja under provisions of the Prevention of Money Laundering Act (PMLA), 2002. Both accused are already under arrest in the case.

Case Linked to Large Crypto Investment Fraud

Investigators said the accused were linked to main handler Subhash Sharma, who is reportedly absconding and believed to be in Dubai. The case involves cheating of lakhs of investors through a cryptocurrency-based investment scheme.

Alleged MLM Crypto Scheme

According to officials, the scam began in 2018 when the accused launched a cryptocurrency-linked MLM investment scheme through online platforms, promising high returns to investors.

The scheme was operated through digital platforms and later shifted to foreign servers to continue its operations.

Ponzi-Type Structure and Investor Losses

Authorities said investors were lured into buying fake crypto tokens under a Ponzi-style setup, where money from new investors was used to pay earlier participants.

More than two lakh investors are believed to have been affected, with total losses estimated at around ₹500 crore.

Money Trail Under Investigation

The ED said funds were routed through multiple accounts, shell entities, and digital wallets to conceal the proceeds of crime. Some of the money was allegedly used for purchasing properties.

The investigation is ongoing, and further action is expected based on analysis of seized digital evidence and financial records.