ED Intercepts Rs 1.36 Crore in Crypto and Rs 47 Lakh Cash Linked to Fraud Investigation
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New Delhi, Dec 4 (NationPress) The Enforcement Directorate (ED) has reported the successful seizure of crypto (USDT) amounting to Rs 1.36 crore and Rs 47 lakh in cash during search operations carried out in several cities concerning a crypto fraud case.
The operations took place from November 28 to November 30 at 13 locations in Delhi, Gurugram, Jodhpur, Jhunjhunu, Hyderabad, Pune, and Kolkata, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The agency reported that the searches led to the discovery of various incriminating materials, including cheque-books, ATM cards, PAN Cards, Digital Signatures, Trust Wallet Secret Phrases, and the uncovering of unexplained cash totaling Rs 47 lakh.
Additionally, the ED has frozen multiple bank accounts linked to this case.
“The ED initiated its investigation based on two FIRs filed by the CBI and the Economic Offences Wing (EOW) of Delhi, regarding a cyber fraud scheme amounting to Rs 640 crore generated through betting, gambling, part-time job offers, and phishing scams, which were funneled through more than 5000 mule Indian bank accounts and subsequently transferred to PYYPL, a payment platform based in UAE,” the agency stated.
“A portion of the cyber fraud proceeds was withdrawn as cash in Dubai using Master/Visa Indian Bank ATM cards,” the ED added.
The investigation has revealed a network involving certain Chartered Accountants (CAs), a Company Secretary (CS), and Crypto Traders who were collaboratively working to launder the illicit funds.
During the operations, two Chartered Accountants, identified as Ajay and Vipin Yadav, along with a Crypto Trader named Jitendra Kasw, were arrested under the PMLA provisions. “Further inquiries have uncovered a large-scale money laundering operation facilitated by handlers located abroad, operating through tightly-knit chat groups on instant messaging applications,” the agency elaborated.
“Instructions for opening mule accounts, cash management, and cryptocurrency purchases are disseminated through these group communications. Over 2000 documents detailing debit and credit transactions in numerous bank accounts and cryptocurrency acquisitions have been retrieved and are currently under analysis,” the agency disclosed.
During the raid at the residence of the primary accused, CA Ashok Kumar Sharma, the ED team faced physical obstruction preventing their entry. “An FIR has been filed by the Delhi Police following a complaint from the ED,” it noted.
“The Delhi Police has apprehended one individual, Radhe Shyam Sharma, who is the brother of Ashok Kumar Sharma and is currently evading capture,” the agency concluded.
