New Delhi: The Enforcement Directorate (ED) has seized cryptocurrency worth ₹17.20 crore from multiple digital wallets during raids at six locations in Haryana, the agency announced on Thursday.
The operation was carried out by ED’s Chandigarh zonal office on February 24 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing investigation into a cryptocurrency scam.
According to the ED, the seized digital assets were owned and managed by Mahesh Kumar and his associates. The raids also led to the confiscation of several mobile phones, which contained multiple cryptocurrency wallet apps. These devices have been sent for forensic analysis, and officials expect to uncover more incriminating evidence.
Investigators revealed that the scam was being operated from a remote location in Haryana to evade detection by law enforcement agencies. The probe was initiated following an FIR filed by the Haryana Police, along with a complaint from a victim of the fraudulent cryptocurrency investment scheme.
Mahesh Kumar, a resident of Hisar, along with three accomplices from Bhiwani, allegedly lured investors by promising high returns on cryptocurrency investments. They then misappropriated the funds, defrauding victims of crores of rupees.
Further investigation uncovered that multiple cryptocurrency wallets were being operated by Kumar in collaboration with his associates. The group used these wallets to layer and launder the illicit funds through decentralized exchanges.
The ED emphasized that this case highlights the growing challenges posed by cryptocurrency-related crimes and the need for stricter regulatory measures to curb financial fraud in the digital asset space.
