Shimla, Dec 14, 2025

The Enforcement Directorate (ED), Shimla, has carried out search operations at eight premises across Himachal Pradesh and Punjab under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with an ongoing probe into a large-scale fake cryptocurrency-based Ponzi/Multi-Level Marketing (MLM) scam, an official statement said on Sunday.

The scam allegedly duped lakhs of investors from the two states to the tune of around Rs 2,300 crore.

The searches were conducted on Saturday.

The ED initiated the investigation on the basis of multiple FIRs registered by various police stations in Himachal Pradesh and Punjab against Subhash Sharma, the alleged mastermind of the scam — who reportedly fled the country in 2023 — and other associated persons.

The FI

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