Rs 3 crore crypto fraud: ED raids 9 properties in Chandigarh, Haryana; freezes accounts

Chandigarh, Dec 30 Tightening the screws on crypto fraudsters, the ED conducted searches at nine residential premises across Chandigarh, Kurukshetra, Karnal and Ambala and uncovered illegal assets worth Rs 3 crore, froze Rs 22 lakh in bank accounts and seized Rs 4 lakh in cash, an official said on Tuesday.

The Enforcement Directorate (ED), Chandigarh Zonal Office conducted search operations at the properties of accused linked to a fake online investment entity - Crypto World Trading Company.

The search and seizure operations were conducted on December 24 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in connection with cheating of crores of rupees under the guise of crypto investment, said an ED statement.

The federal probe agency initiated investigation on the basis of an FIR registered by the Haryana Police, against Vikas Kalra, Tarun Taneja, Kapil Kumar and Pawan Kumar.

During the search operations, various incriminating documents, digital evidence were seized, said the statement.

“Besides, 18 bank accounts having proceeds of crime worth Rs 22.38 lakh have been frozen along with seizure of Rs 4 Lakh in cash. In addition, immovable properties worth Rs 3 crore have also been unearthed,” the ED said.

The ED investigation revealed that the accused individuals, in collusion with each other, had cheated crores of rupees from numerous people in the city and surrounding areas by luring them to invest in Crypto World Trading Company.

The accused had created a fraudulent online platform under the name of Crypto World Trading Company, with an intent to deceive the innocent investors of their hard earned money, the ED said.

Investigation revealed that the accused created Crypto Wallets on Binance where they received money from various investors.

An analysis of bank accounts of accused persons revealed that investments from various investors were received in their personal bank accounts and layered through bank accounts of their family members and associates, the ED said.

“The Proceeds of Crime generated has been utilised by the accused person in acquiring immovable properties in the name of their family members,” it said.

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