According to the ED, the investigation found that the accused launched and operated a series of fraudulent cryptocurrency-linked MLM and Ponzi schemes through platforms, including Korvio, Voscrow, DGT, Hypenext and A-Global. Unsuspecting investors were drawn in with promises of exceptionally high returns. In reality, these were unregulated, self-created platforms that functioned like classic Ponzi schemes, with money from new investors being used to make payouts to earlier participants.
“ED investigation revealed that the accused persons allegedly floated and operated fraudulent cryptocurrency-based MLM /ponzi schemes through various platforms such as Korvio, Voscrow, DGT, Hypenext and A-Global, wherein gullible investors were lured with false promises of extraordinary returns. These schemes were, in reality, unregulated, self-created platforms, operated in the nature of a Ponzi scheme, where funds from new investors were used to pay earlier investors,” the central probe agency said in a press release dated Dec. 14.
