CBI Freezes Crypto Linked to $122K Florida Bank Scam

TheCryptoTimesPublished on 2025-10-06Last updated on 2025-10-06

The Central Bureau of Investigation (CBI) has frozen cryptocurrency assets in India linked to a Florida bank impersonation scam that stole $122,000.

As per a report from Hindustan Times, the action comes following a request from the U.S. Department of Justice (DOJ) under the mutual legal assistance treaty (MLAT) between the two countries.

The assets belonged to Punam Jaiswal, a deceased Indian national. Her account on the Indian crypto exchange WazirX held 0.26 Bitcoin, 7.83 Ethereum, and ₹8.7 lakh. These funds were temporarily frozen by the exchange and are now set for seizure to ensure the stolen money cannot be used by anyone.

The DOJ traced the stolen funds to Jaiswal’s crypto account following a Florida bank impersonation scam. The Florida circuit court in Hernando County had issued a warrant on October 26, 2023, and this prompted the DOJ to seek India’s aid.

The Ministry of Home Affairs sent the petition to the CBI in January 2025 and opened a preliminary inquiry in June 2025. A CBI officer said that the agency has now sought attachment of the cryptocurrency and Indian rupees in Jaiswal’s account after verification.

Officials said the freeze is necessary even though Jaiswal is deceased, as it ensures that the proceeds of crime are secured, and no one else takes control and began to use them. A CBI officer noted that the attachment prevents anyone from accessing the funds while the investigation continues.

Rise in crypto fraud cases in India

Over the recent months, Indian agencies such as the CBI and Enforcement Directorate (ED) have been paying more attention to cybercrimes and online financial frauds, especially those using cryptocurrencies.

The ED is currently investigating 162 cases related to cybercrime and cryptocurrency fraud. Scams of many kinds entice victims through fake investment websites that offer high returns.

Last month, the ED filed a chargesheet against businessman Raj Kundra, accusing him of being the true owner of 285 Bitcoins worth ₹150.47 crore (around $18 million) received from late crypto scamster Amit Bhardwaj. According to the PMLA court filing, Kundra hid evidence, concealed facts, and attempted to mask the illicit funds as genuine.

Additionally, the Income Tax Department revealed a crypto scam in Telangana and Andhra Pradesh, wherein the identities of common citizens were used for transactions worth ₹170 crore ($19.3 million) by the fraudsters. Most victims, such as farmers and delivery personnel, had no idea their IDs were being used.

Also Read: India’s Finance Minister Urges Nations to Prepare for Stablecoins

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152 Total ViewsPublished 2024.04.06Updated 2024.12.03

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