ED Raids Multiple Locations in India Over Fake Crypto Investment Firm

TheNewsCryptoОпубликовано 2025-12-31Обновлено 2025-12-31

Введение

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?

TagsCryptoIndia

Связанные с этим вопросы

QWhat is the name of the fake crypto investment firm involved in the ED raids in India?

ACrypto World Trading Company.

QWhich Indian states and union territory did the ED conduct raids in?

AHaryana and the union territory of Chandigarh.

QWhat was the total value of the immovable properties seized by the ED in this case?

AApproximately ₹3 crore.

QOn whose FIR (First Information Report) did the Enforcement Directorate base its action?

AThe FIR registered by the Haryana police.

QAccording to the article, on which cryptocurrency exchange did investors transfer money to the accused's wallets?

ABinance.

Похожее

Bitcoin Reclaims Key MVRV Support At $73.7K — What Comes Next?

Bitcoin has reclaimed the critical MVRV support level at $73,700, a key indicator for market valuation. Holding above this level suggests potential upward momentum toward the mean MVRV target of $96,000. However, a breakdown below $73,700 could lead to a decline toward the Realized Price support near $55,000. The MVRV bands outline further resistance at $118,000 and extreme overvaluation at $140,000, while deeper support lies around $51,500. Currently trading near $78,000, Bitcoin remains 38% below its all-time high of $126,198 from October 2025.

bitcoinist3 ч. назад

Bitcoin Reclaims Key MVRV Support At $73.7K — What Comes Next?

bitcoinist3 ч. назад

Historical Data Shows Bitcoin Price Has Never Breached This Level – Will It Start Now?

Historical data reveals a consistent pattern in Bitcoin's price action: after recovering 30% from a cycle low, it has never retested that bottom. This has held true across six major cycles since 2011. The current cycle, which saw a low near $61,300 in February, is approaching this critical threshold at approximately $79,694. Bitcoin has already up about 28% and needs just a 2.7% increase to breach this historically significant level. Supporting this bullish signal, exchange reserves have hit new lows, and large investors have accumulated the most BTC in a month since 2013.

bitcoinist7 ч. назад

Historical Data Shows Bitcoin Price Has Never Breached This Level – Will It Start Now?

bitcoinist7 ч. назад

Why Bitcoin Still Acts Like A Risk Asset Despite Safe-Haven Claims

Bitcoin possesses inherent qualities of a safe-haven asset, such as being portable and censorship-resistant. However, it continues to trade like a risk asset, correlating with indices like the NASDAQ during periods of uncertainty. Analysts attribute this to its lack of widespread acceptance by large capital pools, a process that may take another decade. Currently, Bitcoin is showing technical weakness with a bearish market structure shift and a rejection from a monthly fair value gap, suggesting a higher probability of a breakdown and a potential move lower. The broader downside thesis remains intact unless BTC breaks out of its current pattern with strength.

bitcoinist7 ч. назад

Why Bitcoin Still Acts Like A Risk Asset Despite Safe-Haven Claims

bitcoinist7 ч. назад

Eight Years of Entrepreneurship Notes from a16z's AI Partner

An early generative AI entrepreneur reflects on his 8-year journey building Rosebud AI, founded in 2018—a time when the field was still called “synthetic media.” Initially experimenting with models like CycleGAN and StyleGAN, he believed AI could make creation as intuitive as playing a game. Over the years, his team launched multiple products, including the viral app TokkingHeads, which gained 2 million users, learning to design around imperfect model outputs to deliver “good enough” user experiences. The evolution from niche synthetic media to general-purpose AI infrastructure—especially after GPT-4’s release—reshaped product possibilities. Code generation matured enough by 2023 to enable text-to-game prototyping. The author emphasizes that the real differentiator now isn’t just model capability but product design, distribution, and business model innovation. Having stepped down as CEO of Rosebud AI, he joins a16z as a partner focused on investing in the frontier model stack—models, infrastructure, and tools. He remains optimistic about AI-driven progress in creative tools, coding, and scientific domains. The piece concludes with a forward-looking note: the next phase of AI will be less about what’s possible and more about how capabilities are productized and scaled in the real world.

marsbit9 ч. назад

Eight Years of Entrepreneurship Notes from a16z's AI Partner

marsbit9 ч. назад

How Many Tokens Away Is Yang Zhilin from the 'Moon Chasing the Light'?

The article explores the intense competition between two leading Chinese AI companies, DeepSeek and Kimi (Moon Dark Side), and the mounting pressure on Yang Zhilin, the founder of Kimi. While DeepSeek re-emerged after 15 months of silence with its powerful V4 model—boasting 1.6 trillion parameters and low-cost, long-context capabilities—Kimi has been focusing on long-context processing and multi-agent systems with its K2.6 model. Yang faces a threefold challenge: technological rivalry, commercialization pressure, and investor expectations. Despite Kimi’s high valuation (reaching $18 billion), its revenue heavily relies on a single product with low paid conversion rates, while DeepSeek’s strategic silence and open-source influence have strengthened its market position and valuation prospects, now targeting over $20 billion. Both companies reflect broader trends in China’s AI ecosystem: Kimi aims for global influence through open-source contributions and agent-based advancements, while DeepSeek prioritizes foundational innovation and hardware independence, notably shifting to Huawei’s chips. Their competition is seen as vital for China’s AI progress, with the gap between top Chinese and U.S. models narrowing to just 2.7% on the Elo rating scale. Ultimately, the article argues that this rivalry, though anxiety-inducing for leaders like Zhilin, is essential for driving innovation and solidifying China’s role in the global AI landscape.

marsbit10 ч. назад

How Many Tokens Away Is Yang Zhilin from the 'Moon Chasing the Light'?

marsbit10 ч. назад

Торговля

Спот
Фьючерсы
活动图片

Популярные категорииright-arrow

Популярные тегиright-arrow