India's Enforcement Directorate (ED) conducted raids on December 14 targeting an alleged $275 million crypto Ponzi scheme. Subhash Sharma has been identified as the key figure behind the operation, which involved platforms such as Korvio, Voscrow, DGT, Hypenext, and A-Global. The scheme reportedly defrauded hundreds of thousands of investors, resulting in losses amounting to Rs. 2,300 crore. During the raids, the ED froze bank accounts, lockers, and fixed deposits, and seized property records and digital devices. The investigation was initiated following multiple First Information Reports (FIRs) filed in northern states and remains ongoing.