Nagpur, Jan 13 (NationPress) The Enforcement Directorate's Nagpur branch executed search operations on January 7, 2026, across three sites in the Nagpur district in accordance with the Prevention of Money Laundering Act, 2002.

The focus of the raids was on properties associated with Nished Mahadeo Rao Wasnik and his collaborators in relation to a suspected cryptocurrency investment fraud, as stated in a press release on Monday.

During the searches, a significant amount of incriminating documents and records were confiscated, along with various digital devices.

Officials also froze bank accounts containing more than Rs 20 lakh and discovered a personal cryptocurrency wallet holding assets valued at over Rs 43 lakh.

In addition, several properties acquired by the accused, including benami properties worth crores, were identified throughout the operation,” the statement elaborated.

The investigation commenced following an FIR lodged by the Maharashtra Police against Nished Wasnik and his aides under multiple sections of the Indian Penal Code.

They were charged with fraudulently raising significant funds from the public by promising unreasonably high returns in a short period through supposed investments and trading in cryptocurrency schemes, the statement disclosed.

The ED's investigation revealed that the network, led by Nished Wasnik, operated an unregistered and illegal online platform known as Ether Trade Asia.

They held promotional seminars at premium hotels in Nagpur and other locations across Maharashtra, misleading individuals about fictitious investment opportunities with the intent to deceive innocent investors.

The accused allegedly created a fraudulent binary commission scheme on the Ether Trade Asia platform, enticing victims with false promises of exceptionally high returns on investments supposedly made in Ethereum cryptocurrency.

This prompted numerous investors to invest substantial amounts, which were then misappropriated for personal use, resulting in a wrongful loss exceeding Rs 4.25 crore to investors, while generating corresponding illicit profits for the perpetrators, the statement further added.

Additional inquiries indicated that the fraudulently acquired funds were utilized to purchase movable and immovable properties in the names of Wasnik, his family, and entities they control.

Public funds were also redirected to buy cryptocurrencies held in their private wallets.

This case resonates with past police actions against Wasnik in a related cryptocurrency fraud involving Ether Trade Asia, where he and his associates were previously detained for deceiving thousands of investors with similar promises of quick riches through Ethereum investments.

The ongoing efforts of the Enforcement Directorate aim to trace and seize the proceeds of crime linked to this enduring scheme.

The investigation continues as the central agency strives to reveal the complete financial trail and avert any further exploitation of illicit proceeds.