In a significant crackdown on a cryptocurrency-based investment scam, the Enforcement Directorate (ED) has seized substantial cash and assets linked to illicit gains. The action followed coordinated searches at nine residential locations spread across Ambala, Kurukshetra, Karnal, and Chandigarh.
Probe Launched Under PMLA After Police FIR
Officials revealed on Tuesday that the federal agency initiated its investigation under the stringent Prevention of Money Laundering Act (PMLA), 2002. This move was based on a First Information Report (FIR) originally filed by the Haryana Police. The police complaint targeted a group of individuals accused of duping investors of crores of rupees through a deceptive online platform named 'Crypto World Trading Company'.
Key figures identified in the alleged fraud include Vikas Kalra, Tarun Taneja, Kapil Kumar, and Pawan Kumar. The ED's probe aims to trace the complex web of financial transactions used to launder the proceeds of this large-scale cheating operation.
Substantial Assets Uncovered and Frozen
The enforcement action has yielded immediate and substantial results. Investigators have successfully frozen 18 bank accounts containing suspected proceeds of crime, with a total value of Rs 22.38 lakh. In a parallel seizure, the ED confiscated Rs 4 lakh in cash during the raids.
Perhaps the most striking discovery is the unearthing of immovable properties valued at approximately Rs 3 crore, believed to have been acquired using the fraudulently obtained funds. This multi-pronged recovery highlights the scale of the alleged scam.
Modus Operandi: Binance Wallets and Layered Transactions
Delving into the mechanics of the fraud, the ED's investigation uncovered a sophisticated method to obscure the money trail. The accused allegedly created wallets on the global cryptocurrency exchange, Binance, to receive investments from the public.
Further forensic analysis of the accused's bank accounts revealed a deliberate strategy to layer the funds. Investments collected from victims were first funneled into the personal bank accounts of the prime accused. Subsequently, the money was moved through the accounts of their family members and associates, creating a complex network designed to confuse authorities and disguise the illicit origin of the cash.
This case underscores the growing challenge of cyber-financial crimes in India and marks a decisive step by the ED to clamp down on fraudsters exploiting the cryptocurrency space to cheat innocent investors.
