Shocking Crypto Scam: Rs 1,144 Crore Seized, 20 Arrested in Operation!

The Enforcement Directorate (ED) has taken decisive action under the Prevention of Money Laundering Act (PMLA), 2002. A staggering Rs 1,144 crore in ill-gotten gains has been seized, and 20 individuals have been apprehended in connection with cryptocurrency and virtual digital asset fraud cases, revealed Minister of State for Finance Pankaj Chaudhary.

Moreover, assets worth Rs 270.18 crore have been seized under section 37A of the Foreign Exchange Management Act, 1999 (FEMA). A show cause notice has been issued to the cryptocurrency exchange Zanmai Labs Pvt Ltd, known as WazirX, and its Directors, pertaining to transactions involving cryptocurrencies worth Rs 2,790.74 crore.

In response to the global concerns echoed by the Financial Action Task Force (FATF), Chaudhary highlighted the link between virtual assets and criminal activity. He emphasized that the ED’s ongoing investigations have exposed instances of money laundering involving certain cryptocurrency exchanges.

The ED’s resolute actions have resulted in the attachment, seizure, and freezing of proceeds of crime totaling Rs 1,144.47 crore. Notably, this has led to the filing of 12 Prosecution Complaints (PCs), including 2 supplementary PCs, before the Special Court, PMLA.”

Leave a comment