The Enforcement Directorate’s Nagpur office conducted search operations on January 7, 2026, at three locations in Nagpur district under the Prevention of Money Laundering Act, 2002. The raids targeted premises associated with Nished Mahadeo Rao Wasnik and his associates in connection with an alleged cryptocurrency investment fraud. Authorities seized incriminating documents, records, and digital devices during the searches.
Additionally, bank balances exceeding Rs 20 lakh were frozen, and a personal wallet holding cryptocurrencies worth nearly Rs 43 lakh was identified. The operation also revealed properties, including benami properties worth crores of rupees, allegedly acquired by the accused. The investigation stemmed from an FIR filed by the Maharashtra Police against Nished Wasnik and his aides under various sections of the Indian Penal Code.
The ED probe uncovered that the syndicate, led by Nished Wasnik, operated an illegal online platform named Ether Trade Asia. They conducted promotional events at star-rated hotels in Nagpur and other locations in Maharashtra, deceiving individuals with investment plans to defraud innocent investors. The accused allegedly devised a fraudulent binary commission scheme on the platform, attracting investors with promises of high returns on Ethereum investments.
Further inquiries revealed that the fraudulently obtained funds were used to purchase movable and immovable properties in the names of Wasnik, his family members, and entities controlled by them. Public funds were also diverted to buy cryptocurrencies in their personal wallets. The ongoing investigation by the Enforcement Directorate aims to track and seize proceeds of crime from this scheme, preventing further misuse of illicit gains.
