ED Raids Multiple Locations in India Over Fake Crypto Investment Firm
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.
TheNewsCrypto12/31 09:24
