ED Raids Multiple Locations in India Over Fake Crypto Investment Firm

Source: CryptoNewsNet Original Title: ED Raids Multiple Locations in India Over Fake Crypto Investment Firm Original Link: 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 a certain head exchange.

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 highlights the importance of thorough research and risk assessment before investing in crypto assets.