ED Freezes Assets Worth Rs 4.5 Crore in Dehradun Cryptocurrency Fraud
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New Delhi, Dec 14 (NationPress) The Directorate of Enforcement (ED) in Dehradun has provisionally attached movable and immovable assets totaling Rs 4.56 crore in connection with the BTC Fund Scam, which reportedly involved the illicit sale of cryptocurrency, as stated by an official on Saturday.
The confiscated assets comprise four immovable properties and various bank balances linked to the accused, Hemant Sharma, and others who allegedly defrauded individuals through a website known as ‘BTCFUND.in’.
These properties were seized in accordance with the Prevention of Money Laundering Act (PMLA), 2002, and are associated with Hemant Sharma, son of Ishwar Sharma, a resident of Rajpur Road, Dehradun, according to an official statement.
The ED's inquiry was triggered by a First Information Report filed by the Police Station in Rajpur, Dehradun, as well as by Police Station Dineshpur, located in District Udham Singh Nagar, Uttarakhand, under legal provisions related to fraud against Hemant Sharma and others.
Investigations conducted by the ED uncovered that Hemant Sharma had deceitfully amassed significant funds from cryptocurrency sales, which were invested by numerous individuals on the website BTCFUND.in, under the control of Hemant Sharma and his accomplices.
Sharma enticed numerous individuals with promises of high returns and claimed associations with various foreign nationals, leading people from across India to invest in the site.
The inquiry revealed that the proceeds from these fraudulent activities were subsequently used to acquire four immovable properties, while a portion of the funds was deposited into his bank account.
In 2019, Uttarakhand was shaken by another Bitcoin scam allegedly involving Rs 485 crore, involving two cryptocurrency firms – BITZEX and BTC BITZ COIN SHUKKOR – which attracted investors by promising high returns.
The mastermind behind that scam was murdered, and police apprehended seven individuals, including three from Mallapuram, Kerala. These three were detained in Mandowala, Dehradun, just before they intended to surrender in court.
