Fake cryptocurrency coin backed by an MLM pyramid recruits investors at seminars then exit-scams
Fraudsters launch a fake coin via an MLM pyramid, recruit investors at seminars with daily-return promises, inflate token prices, then exit-scam. India's ED has arrested promoters; one scheme alone affected 2.48 lakh victims.
Also known as: crypto MLM Ponzi India, fake cryptocurrency pyramid scheme, Korvio Coin KRO scam, crypto seminar investment fraud, fake token MLM scheme India
Already happened to you? Do this in the next few minutes
Call 1930 now- 1 Call 1930 — the national cyber-crime helpline — right now. The sooner you report, the better the chance of freezing the money before it moves.
- 2 Call your bank to freeze the account and block the card immediately. Use the number printed on your card, never a number from the message or caller.
- 3 File a report at cybercrime.gov.in and keep every message, screenshot, and transaction ID.
What to do right now
- 1 Do not invest in any cryptocurrency that requires you to recruit others to earn returns — that is the definition of an MLM Ponzi scheme
- 2 Verify any coin on CoinMarketCap or CoinGecko before investing — if it is not independently listed, the price is fabricated
- 3 Never invest based on a seminar presentation alone; ask to see audited financials, the coin's on-chain contract address, and independent exchange listings
- 4 If you have already invested and cannot withdraw, file a complaint with the Enforcement Directorate (ED) and your local cybercrime station — ED has jurisdiction over money laundering in crypto fraud
- 5 Report at https://cybercrime.gov.in or call 1930 (national cyber helpline).
Red flags
- ⚠ Recruiters claim the coin is 'about to list on major exchanges' and that early investors will see 10x–100x returns — no legitimate coin needs MLM recruiting
- ⚠ You are shown a staged token dashboard where the price only goes up, but you cannot withdraw funds to a real wallet or exchange
- ⚠ The scheme requires you to recruit others to unlock higher returns — this is an MLM pyramid, not a real investment
- ⚠ Promoters host in-person seminars in hotels or rented halls, pressure attendees to invest on the spot, and offer referral commissions
- ⚠ The coin is not listed on any verified exchange (CoinMarketCap, CoinGecko) — its price is controlled entirely by the promoters
- ⚠ After investing you cannot withdraw your principal; excuses include staking lock-up periods, exchange listing delays, or KYC holds