ED Raids Multiple Locations in India Over Fake Crypto Investment Firm

TheNewsCrypto2025-12-31 tarihinde yayınlandı2025-12-31 tarihinde güncellendi

Özet

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.

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İlgili Sorular

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.

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