Tightening measures against crypto fraudsters, the Enforcement Directorate (ED) conducted searches at nine residential premises in Chandigarh, Kurukshetra, Karnal, and Ambala. They discovered illegal assets valued at Rs 3 crore, froze Rs 22 lakh in bank accounts, and seized Rs 4 lakh in cash. The ED’s Chandigarh Zonal Office targeted individuals associated with a fake online investment entity called Crypto World Trading Company.
The search and seizure operations took place on December 24 under the Prevention of Money Laundering Act (PMLA), 2002. This action was in response to cheating cases involving crores of rupees under the guise of crypto investments. The ED’s investigation stemmed from an FIR filed by the Haryana Police against Vikas Kalra, Tarun Taneja, Kapil Kumar, and Pawan Kumar.
During the searches, incriminating documents and digital evidence were confiscated. The ED revealed that 18 bank accounts holding proceeds of crime worth Rs 22.38 lakh were frozen, along with the seizure of Rs 4 lakh in cash. Additionally, immovable properties worth Rs 3 crore were unearthed.
The probe uncovered that the accused individuals collaborated to deceive numerous people in the city and nearby areas by enticing them to invest in Crypto World Trading Company. They established a deceptive online platform to swindle innocent investors. The accused set up Crypto Wallets on Binance to receive funds from various investors, as per the investigation.
An analysis of the accused’s bank accounts indicated that investments from multiple investors were channeled through their personal accounts, as well as those of their family members and associates. The ED noted that the generated proceeds of crime were used to acquire immovable properties in the names of their family members.
