Major ED action against crypto fraud as 9 locations raided, Rs 3 crore assets traced

Chandigarh (The Uttam Hindu): The Enforcement Directorate (ED) has tightened its grip on fraudsters who defraud people in the name of cryptocurrency. In a major operation, the ED's Chandigarh zonal team raided nine residential locations in Chandigarh, Kurukshetra, Karnal, and Ambala. During this search operation, the ED unearthed illegal assets (immovable property) worth ₹3 crore. Additionally, 18 bank accounts containing ₹22.38 lakh in proceeds of crime have been frozen, and ₹4 lakh in cash has been seized from the scene.

According to officials, the raids were conducted against accused linked to a fraudulent online investment firm called "Crypto World Trading Company." The search operation was conducted on December 24 under the Prevention of Money Laundering Act (PMLA), 2002. The ED initiated the investigation based on an FIR filed by the Haryana Police against Vikas Kalra, Tarun Taneja, Kapil Kumar, and Pawan Kumar.

The ED investigation has revealed a significant revelation. The accused colluded to create a fraudulent online platform called "Crypto World Trading Company." The purpose was to defraud innocent investors of their hard-earned money by luring them with promises of high profits. The investigation revealed that the accused had created crypto wallets on Binance, through which they received money from various investors.

Analysis of the accused's bank accounts revealed that they first deposited investors' funds into their personal bank accounts. Then, to avoid scrutiny, they layered the money through the bank accounts of their family members and associates. The accused used this fraudulent proceeds to purchase real estate in the names of their family members. During the raids, the ED also seized numerous incriminating documents and digital evidence.