Did the ED seize flat and cryptocurrencies worth Rs 10.86 crore in a land sale fraud?
Synopsis
In a significant crackdown, the ED has seized assets worth Rs 10.86 crore linked to a fraudulent land sale scheme that lured investors with high-return promises. This operation reveals the extensive measures taken by authorities against financial fraud. Read on to discover how this scheme unfolded and its implications for investors.
Key Takeaways
The ED seized assets worth Rs 10.86 crore linked to a land sale fraud.
Investigations revealed fraudulent activities by the accused individuals.
Authorities are taking significant measures to combat financial fraud.
Victims were misled with promises of high returns on low-priced land.
Cryptocurrencies were part of the illicit funds diversion.
Chandigarh, Jan 13 (NationPress) The Enforcement Directorate (ED) has taken possession of a flat, land, and cryptocurrencies amounting to Rs 10.86 crore, linked to individuals accused of defrauding numerous investors by enticing them with promises of high returns from purchasing land at discounted prices, as stated by an official on Tuesday.
The ED's Chandigarh Zonal Office has provisionally attached properties valued at Rs 10.86 crore, including cryptocurrencies held in crypto wallets consisting of Ramifi Tokens estimated at Rs 4.79 crore, under the Prevention of Money Laundering Act (PMLA), 2002. This action is part of an ongoing investigation into fraud involving Sandeep Yadav, Manoj Yadav, and others.
The accused reportedly deceived investors by promoting plots at lower prices and illegal cryptocurrency investments, misappropriating the Proceeds of Crime to acquire properties, as per the ED's statement.
Last August, the ED conducted search operations at four sites in Gurugram (Haryana) under the PMLA, 2002, as part of a probe into this fraudulent scheme.
The searches uncovered numerous incriminating documents and digital devices, resulting in the freezing of 17 bank accounts with a total of approximately Rs 42 lakh linked to the accused, according to the ED.
Additionally, properties worth over Rs 15 crore were identified during the investigation, as reported by the agency.
The ED launched this investigation following an FIR filed by the Haryana Police against Sandeep Yadav, Manoj Yadav, and others.
Investigations revealed that Sandeep Yadav, Manoj Yadav, and Mohan Sharma, in collaboration with their associates, were involved in defrauding the public by persuading them to purchase land at reduced prices, according to the ED.
The Proceeds of Crime generated from these fraudulent activities were subsequently invested in both movable and immovable assets, as well as cryptocurrencies, with the help of their associates, the ED stated.
Point of View
It is imperative to acknowledge the seriousness of financial frauds affecting unsuspecting investors. This case exemplifies the ongoing battle against such illicit schemes. Our commitment is to keep the public informed, ensuring that they can make educated choices in their investments.
NationPress
29 Jul 2026
Frequently Asked Questions
What properties did the ED seize?
The ED seized a flat, land, and cryptocurrencies valued at Rs 10.86 crore, including Ramifi Tokens worth Rs 4.79 crore.
Who are the individuals involved in the fraud?
The accused include Sandeep Yadav, Manoj Yadav, and Mohan Sharma, among others.
What prompted the ED's investigation?
The investigation was initiated following an FIR filed by the Haryana Police against the accused.
How much money was frozen by the ED?
The ED froze 17 bank accounts amounting to approximately Rs 42 lakh linked to the accused persons.
What legal framework is the ED operating under?
The ED's actions are conducted under the Prevention of Money Laundering Act (PMLA), 2002.
