ED Conducts Searches In ₹500 Crore Alleged ‘Virtual Space’ Ponzi Case; Cash, Gold Seized

Mumbai, April 16: The Enforcement Directorate (ED) has conducted searches at seven premises across Delhi-NCR, Goa, Jaipur, and Mumbai on April 13 and 14 as part of an ongoing money laundering probe into the case and its promoter-directors Anubhav Sharma and Dhruv Sharma, officials said on Thursday.

Probe based on multiple FIRs

The ED investigation was initiated on the basis of multiple FIRs registered by Delhi Police and Gurugram Police under various provisions of the Indian Penal Code against the accused, alleging inducement of investors, non-delivery of promised properties, diversion and misappropriation of funds, and use of forged documents.

Alleged Rs 500 crore fraud

According to the ED, the accused were involved in an organised scheme that generated proceeds of crime exceeding Rs 500 crore by allegedly diverting investor funds and routing them through a network of shell and benami entities.

Ponzi-like model uncovered

The probe further revealed that the group operated a model in which “virtual commercial spaces” were sold to multiple investors, often with promises of assured rental returns. These spaces were then taken on lease, and returns were paid for a limited period to build investor confidence. Subsequently, the same spaces were allegedly modified in project layout plans and resold to other investors, indicating a ponzi-like structure designed to defraud the public.

Fund diversion and luxury assets

The ED alleged that funds collected from investors were layered through multiple bank accounts to obscure their origin and end-use, while a portion was used for personal enrichment. This included expenditure on high-end residential properties in Gurugram and luxury assets such as a yacht in Goa.

Seizures during raids

During the searches, the agency said it seized cash amounting to Rs 1.05 crore and recovered gold bullion and jewellery valued at around Rs 1.5 crore. Several bank accounts were also frozen. Officials added that documents related to properties, digital devices, and other incriminating materials were recovered during the operation.

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Assets identified and arrests

The agency said it has identified multiple immovable assets, including land and buildings in Gurugram, Goa, and Maharashtra, which are suspected to have been acquired using proceeds of crime.

Dhruv Sharma and Shirin Sharma have been arrested by Haryana Police and are currently in judicial custody, while Anubhav Sharma and Mamta Sharma are stated to be absconding.

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