Nagpur, Jan 13 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 linked to Nished Mahadeo Rao Wasnik and his aides in connection with an alleged crypto currency investment fraud, a press statement said on Monday.
The searches resulted in the seizure of voluminous incriminating documents and records, along with digital devices.
Authorities also froze bank balances exceeding Rs 20 lakh and identified a secret or personal wallet holding crypto currencies equivalent to nearly Rs 43 lakh.
"Additionally, several properties acquired by the accused, including benami properties worth crores of rupees, were identified during the operation," the statement added.
The investigation originated from an FIR registered by the Maharashtra Police under various sections of the Indian Penal Code against Nished Wasnik and his aides.
They were accused of fraudulently collecting substantial funds from the people by promising exorbitantly high returns in a short time through purported investments and trading in crypto currency schemes, the statement said.
The ED probe revealed that the syndicate, led by Nished Wasnik, operated and promoted an unregistered and illegal online platform called Ether Trade Asia.
They organised promotional seminars at star-rated hotels in Nagpur and other places in Maharashtra, misleading the people about so-called investment plans with a malafide intent to defraud innocent investors.
The accused allegedly fabricated a fraudulent binary commission scheme on the Ether Trade Asia platform, luring innocent people with the false promises of extraordinarily high returns on investments supposedly made in Ethereum cryptocurrency.
This induced numerous investors to pour in large sums, which were then misappropriated for personal gains, causing wrongful loss to investors exceeding Rs 4.25 crore while generating corresponding illicit gains for the perpetrators, the statement added.
Further inquiries showed that the fraudulently obtained amounts were used to acquire movable and immovable properties in the names of Wasnik, his family members, and entities beneficially owned and controlled by them.
Public funds were also diverted to purchase cryptocurrencies held in their personal wallets.
The case echoes earlier police actions against Wasnik in a related cryptocurrency fraud involving Ether Trade Asia, where he and aides were previously arrested for duping thousands of investors through similar promises of quick riches via Ethereum investments.
The Enforcement Directorate's current action aims to trace and attach proceeds of crime derived from this ongoing scheme.
The investigation remains in progress as the central agency works to uncover the full extent of the financial trail and prevent further misuse of illicit proceeds.
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