Did a Rs 3 Crore Crypto Fraud Unfold? ED Raids 9 Properties in Chandigarh and Haryana!
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Synopsis
The Enforcement Directorate has launched a significant crackdown on a cryptocurrency fraud scheme, executing raids at nine locations in Chandigarh and nearby regions. This operation has led to the discovery of illegal assets worth Rs 3 crore and the freezing of bank accounts related to the scam. The investigation highlights the complexities of modern financial fraud.
Key Takeaways
- The ED has raided nine properties linked to a cryptocurrency fraud.
- Over Rs 3 crore in illegal assets were identified.
- 18 bank accounts were frozen, containing proceeds of crime.
- The fraud involved a deceptive online platform promising high returns.
- Investors should remain vigilant against similar schemes.
Chandigarh, Dec 30 (NationPress) In a decisive move against crypto fraud, the Enforcement Directorate (ED) executed search operations at nine residential locations spanning Chandigarh, Kurukshetra, Karnal, and Ambala, uncovering illicit assets totaling Rs 3 crore. Additionally, the agency froze Rs 22 lakh across various bank accounts and seized Rs 4 lakh in cash, according to an official statement released on Tuesday.
The ED's Chandigarh Zonal Office carried out these operations at properties linked to individuals associated with a fraudulent online investment scheme named Crypto World Trading Company.
The raid, conducted on December 24, adhered to the provisions of the Prevention of Money Laundering Act (PMLA), 2002, and was part of an investigation into a scam that defrauded countless individuals under the pretense of cryptocurrency investment, as per the ED's announcement.
The investigation stemmed from a First Information Report (FIR) lodged by the Haryana Police against Vikas Kalra, Tarun Taneja, Kapil Kumar, and Pawan Kumar.
During the raid, various incriminating documents and digital evidence were confiscated, the statement noted.
“Moreover, 18 bank accounts holding illicit funds amounting to Rs 22.38 lakh have been frozen, alongside the seizure of Rs 4 lakh in cash. Furthermore, properties valued at Rs 3 crore have been discovered,” the ED stated.
The investigation revealed that the accused, collaborating with one another, had swindled crores from numerous victims in the region by enticing them to invest in Crypto World Trading Company.
They established a deceptive online platform under the guise of Crypto World Trading Company, intending to mislead unsuspecting investors into losing their hard-earned money, the agency stated.
Investigators also found that the accused had created Crypto Wallets on Binance to collect funds from various investors.
An analysis of the accused's bank accounts indicated that investments from different investors were funneled into their personal accounts and subsequently laundered through accounts belonging to family members and associates, the ED remarked.
“The Proceeds of Crime generated have been utilized by the accused to acquire properties in the names of their family members,” the statement concluded.
Point of View
It's crucial to remain vigilant regarding investment schemes that promise extraordinary returns. The ED's actions highlight the need for regulatory oversight in the cryptocurrency space to protect investors from fraud. As we witness this evolving landscape, our commitment to transparency and accountability remains paramount.
NationPress
30/12/2025
Frequently Asked Questions
What is the Crypto World Trading Company?
It is a fraudulent online investment platform that deceived investors into believing they could earn returns through cryptocurrency investments.
What actions did the ED take against the accused?
The ED conducted searches, froze bank accounts, and seized cash and illegal assets linked to the fraud.
How much money was involved in the fraud?
The investigation revealed illegal assets worth Rs 3 crore, along with Rs 22 lakh frozen in bank accounts.
What laws were violated in this case?
The case falls under the Prevention of Money Laundering Act (PMLA), 2002.
What should investors do to protect themselves?
Investors are advised to conduct thorough research and exercise caution when dealing with online investment platforms.
