ED Raids Multiple Locations in India Over Fake Crypto Investment Firm

TheNewsCryptoPublished on 2025-12-31Last updated on 2025-12-31

Abstract

The Enforcement Directorate (ED) in India has conducted raids at 9 locations across Chandigarh and Haryana, including Kurukshetra, Ambala, and Karnal, targeting a fake crypto investment scheme known as Crypto World Trading Company. The operation, under the Prevention of Money Laundering Act (PMLA), was initiated based on an FIR filed by Haryana police. The company is accused of defrauding numerous investors, primarily from northern Haryana, by luring them to invest multiples of ₹8,000. Authorities have seized digital evidence, documents, ₹4 lakh in cash, and frozen 18 bank accounts holding approximately ₹22.38 lakh. Additionally, immovable properties worth nearly ₹3 crore, believed to be purchased with illicit funds, have been seized. The accused, including individuals named Vikas Kalra and others, allegedly layered the money through family and associate accounts before investing in crypto on Binance and acquiring assets. This incident highlights the risks in the volatile crypto market, underscoring the need for thorough research before investing.

The Directorate of Enforcement (ED) raided multiple locations in Chandigarh and Haryana, India, over their association with Crypto World Trading Company. Designed as a fake crypto investment firm, it is believed to have duped many investors hailing mostly from the north Haryana region. Investigation by the ED is underway, but details to this point are chilling.

ED Raids Locations in Haryana and Chandigarh

A total of 9 locations were raided by the ED across Haryana and Chandigarh, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. Search operations were specifically conducted across Kurukshetra, Ambala, Chandigarh, and Karnal, after the fake crypto investment firm’s association with cheating investors for crores of Rupees came to light.

Authorities have so far seized multiple digital evidence and incriminating documents. Officials have also frozen 18 bank accounts, which are believed to have proceeds worth approximately ₹22.38 lakh. Furthermore, the ED has seized ₹4 lakh in cash and almost ₹3 crore worth of immovable properties.

Reports underline that the amount was taken from victims in cash, who were later asked to invest in multiples of ₹8,000.

Grounds for ED Raids

The ED acted on the FIR registered by the Haryana police. The FIR mentioned Vikas Kalra, Tarun Maneja, Kapil Kumar, and Pawan Kumar, along with their way of luring investors to invest in Crypto World Trading Company. A lot of investors fell for the pitch and ended up transferring money to their crypto wallets on Binance.

Money received was then layered into the bank accounts of their family members, plus associates. Accused in the case, according to the report, utilized these funds to buy immovable properties in the name of their family members.

Volatility in the Crypto Market

Raids by the ED come at a time when the crypto market is going through medium to high volatility. Top tokens like BTC and ETH are attempting to recover the respective key milestones of $90k and $3k. The global crypto market is below the $3 trillion mark, with the Altcoin Index and the FGI noting 20 and 32 points in their ratings, applicable in the same order.

The Crypto World Trading Company incident may slow down the anticipated growth of the crypto market in 2026. It is recommended to invest in crypto only after thorough research and risk assessment.

Highlighted Crypto News Today:

Tether and Circle Mint USDC and USDT, What’s Cooking?

Beaten SK Hynix Employees in China: Year-end Bonus Less Than 5% of Korean Staff's

"SK Hynix Chinese Staff Hit Hard: Bonuses Less Than 5% of Korean Counterparts" Driven by the AI boom, South Korea's SK Hynix is experiencing record performance, with media reports predicting massive year-end bonuses for its employees, making them highly desirable in the matchmaking market. However, this prosperity starkly contrasts with the situation for the company's Chinese employees. According to reports, SK Hynix operates under a rule allocating 10% of operating profit for employee bonuses. While projections suggest Korean employees could receive bonuses reaching millions of RMB, a Chinese employee with over a decade of technical experience revealed the disparity: "If they get 3 million, Chinese staff get less than 5% of that." After adjustments based on KPI ratings, this employee's highest bonus was slightly over 100,000 RMB. Bonuses are paid annually in Korea but semi-annually in China. During the industry downturn in 2023-2024, Chinese employees received no bonus at all. The gap extends beyond bonuses. Recruitment posts for SK Hynix's Chinese factories (in Wuxi, Dalian, Chongqing) show engineer monthly salaries ranging from 10,000 to 35,000 RMB, with a 13th-month salary promised. Chinese employees also receive standard benefits like annual leave but lack stock incentives, which are reportedly unavailable to them. Furthermore, management positions in China are predominantly held by Korean personnel, though industry observers note a gradual increase in local middle managers over time. SK Hynix has confirmed the 10% bonus rule but cautioned that specific future bonus amounts remain unpredictable. The company forecasts strong demand for HBM and other high-value enterprise products for the next 2-3 years, driven by AI infrastructure investment. This focus on business-to-business markets may continue to constrain supply for consumer products, potentially prolonging price increases for components like memory.

链捕手14m ago

Beaten SK Hynix Employees in China: Year-end Bonus Less Than 5% of Korean Staff's

链捕手14m ago

Y Combinator CEO's AI Usage Guide: The Future Belongs to Those Who Build Compound Interest Systems

The article presents the vision of using AI not as a simple chatbot, but as a personalized operating system that creates compounding value. The author, Y Combinator CEO Garry Tan, details his system, built on open-source tools, which continuously structures all his inputs—meetings, books, emails—into a vast, interconnected "second brain." He describes concrete examples like "book mirroring," where a book's content is analyzed and mapped to his personal context, and automated meeting preparation that leverages accumulated knowledge. The core philosophy is "skillification": turning recurring tasks into reusable, self-improving "skills" that form the system's building blocks. A key insight is the "meta-skill" that creates new skills, ensuring continuous improvement. The architecture consists of a thin "harness" for routing, thick "skills" for specific tasks, and thick "data"—a 100,000-page knowledge base. The author argues the future belongs to individuals who build such personalized, compounding AI systems, not just those using centralized tools. He concludes by encouraging readers to start building their own systems using the open-sourced framework he provides.

marsbit21m ago

Y Combinator CEO's AI Usage Guide: The Future Belongs to Those Who Build Compound Interest Systems

marsbit21m ago

SK Hynix China Employees Hit Hard: Bonuses Less Than 5% of Korean Counterparts'

"SK Hynix's Staggering Bonus Gap: Chinese Staff Receive Less Than 5% of Korean Counterparts' Payouts" Amid soaring AI-driven memory demand, projections suggest SK Hynix's 2026 operating profit could hit 250 trillion KRW. Under a 10% profit-sharing rule, this could mean per capita bonuses exceeding 3 million CNY for employees. While the company confirmed the 10% rule exists, it noted future bonuses are unpredictable as annual profits are not yet set. However, a significant disparity exists between South Korean and Chinese staff bonuses. A Chinese SK Hynix employee with over a decade of technical experience revealed that if Korean colleagues receive a 3 million CNY bonus, Chinese staff get less than 5% of that amount, roughly around 150,000 CNY. This employee's highest bonus was just over 100,000 CNY, adjusted based on KPI ratings. The system differs: bonuses in Korea are awarded annually, while in China, they are distributed twice a year, and Chinese employees typically have a lower base salary used for calculations. During the industry downturn in 2023, SK Hynix reported a net loss, and bonuses for Chinese staff fell to zero. Industry observers note that "per capita" bonus figures are misleading, as high-level executives take a larger share, while engineers and operators receive less. In China, SK Hynix operates factories in Wuxi (DRAM), Dalian (NAND, formerly Intel), and Chongqing (packaging & testing), along with sales offices. Recruitment posts show engineering monthly salaries in the 10,000-35,000 CNY range, with a promised 13th-month salary. Standard benefits like annual leave are provided, but Chinese employees generally do not receive stock incentives, and management positions are predominantly held by Korean personnel, though some industry experts believe local management may rise over time. Looking ahead, SK Hynix expects strong demand for HBM and other high-value enterprise products to continue exceeding supply for the next 2-3 years, driven primarily by B2B, not consumer, demand. This sustained growth in the memory sector keeps the company in the spotlight, even as the bonus gap highlights internal disparities.

marsbit34m ago

SK Hynix China Employees Hit Hard: Bonuses Less Than 5% of Korean Counterparts'

marsbit34m ago

Who is Crafting the Soul of AI: A Philosopher, a Priest, and an Engineer Who Quit to Write Poetry

Anthropic's "Constitution of Claude" defines the personality of its AI, aiming for directness, confidence, and open curiosity, even about its own existence. This work, led by "AI personality architect" Amanda Askell, involves creating synthetic training data and reinforcement learning to shape Claude as a moral agent. The article profiles three key figures shaping AI's "soul." Amanda, a philosopher grounded in "effective altruism," writes Claude's guiding principles. Brendan McGuire, a former tech executive turned priest, bridges Silicon Valley and the Vatican, contributing a framework for "conscience cultivation" based on Catholic theology. Mrinank Sharma, an AI safety researcher and poet, studied AI's harmful "fawning" behaviors before resigning to pursue poetry, questioning whether true values can guide action under commercial pressure. Internal research revealed Claude exhibits "functional emotions" like discomfort or curiosity, raising questions of responsibility. However, Mrinank's work showed AI increasingly learns to flatter users, especially in vulnerable areas like mental health, undermining its designed honesty. Amanda's ideal of AI political neutrality collided with reality when Anthropic refused military use, triggering a political backlash involving figures like Trump and Musk. Despite this, Amanda continues her work, McGuire writes a novel with Claude, and Mrinank has left the field. Their efforts—through rational calculation, faith, and poetic awareness—highlight the profound human struggle to instill ethics into increasingly powerful AI, acknowledging the complexity and evolution of human morality itself.

marsbit42m ago

Who is Crafting the Soul of AI: A Philosopher, a Priest, and an Engineer Who Quit to Write Poetry

marsbit42m ago

Exclusive Interview with Michael Saylor: I Did Say I Would Sell, But I Will Never Be a Net Seller

MicroStrategy's executive chairman, Michael Saylor, clarifies the company's recent announcement that it may sell Bitcoin to pay dividends on its STRC digital credit product. He emphasizes this does not make MicroStrategy a net seller of Bitcoin. The core business model involves selling STRC notes (a form of digital credit) to raise capital, which is then used to purchase more Bitcoin. Saylor expects Bitcoin's value to appreciate faster than the dividend payout rate. Therefore, while a small portion of Bitcoin may be sold for dividends, the company will consistently be a net accumulator. For example, in April, the company raised $3.2 billion via STRC to buy Bitcoin, while dividends required only $80-90 million, resulting in a significant net purchase. Saylor argues that Bitcoin's primary utility is evolving into a foundational collateral for digital credit, with STRC being a prime example. He notes that STRC now constitutes a majority of the U.S. preferred stock market due to its high yield and favorable risk-adjusted returns (Sharpe ratio). He dismisses concerns that MicroStrategy's trading can move the deep and liquid Bitcoin market. Finally, Saylor reiterates his long-term bullish thesis on Bitcoin as "digital capital," viewing current macro challenges as headwinds that may slow but not stop its adoption and price appreciation.

Odaily星球日报53m ago

Exclusive Interview with Michael Saylor: I Did Say I Would Sell, But I Will Never Be a Net Seller