Key Highlights
- The ED seized assets worth Rs. 10.86 crore, including land and Ramifi crypto tokens, in a Haryana fraud case.
- The accused allegedly cheated victims of Rs. 26.54 crore through fake real estate deals and high-return crypto schemes.
- The investigation found that the stolen funds were laundered through third-party bank accounts and cash to buy digital assets.
The Enforcement Directorate (ED) on Tuesday announced the attachment of assets worth Rs. 10.86 crore related to a land fraud and cryptocurrency scam in Haryana. The action was taken under the Prevention of Money Laundering Act (PMLA) after investigating claims that Sandeep Yadav, Manoj Yadav, and their associates defrauded the public of about Rs. 26.54 crore.
According to the agency, the group reportedly used fake real estate transactions and false promises of high returns on digital assets to steal money from investors. They laundered these funds into physical property and specific crypto tokens.
Details of the scam
This enforcement action includes freezing both immovable and digital assets. The seized property consists of a flat and land valued at Rs. 6.06 crore.
The ED also targeted digital assets, specifically cryptocurrencies kept in wallets, which were valued as Ramifi Tokens worth Rs. 4.79 crore. Investigators discovered that the crime proceeds were moved through third-party bank accounts and withdrawn in cash to hide the paper trail.
The agency noted that most transactions with victims were in cash. This investigation began from the original First Information Reports (FIRs) filed by the Haryana Police against the main accused.
Police investigation findings
Further financial examination by the ED pointed to a wider pattern of alleged criminal activity involving Mohan Sharma and other close associates. The group is accused of attracting around 20 individuals with two different schemes.
These include selling residential plots fraudulently and soliciting investments in cryptocurrency by promising unusually high profits. Before this latest asset attachment, the agency searched 10 locations, recovering Rs. 17 crore in various cryptocurrencies and freezing Rs. 46 lakh in linked bank accounts.
Repeat offenders
Authorities have described Sandeep Yadav and his associates as repeat offenders, citing the number of cases registered against them. The case also shows the rising trend on the part of financial offenders who seek to merge classic property fraud with cryptocurrencies.
They aim to take their game to the next level by having people with high-risk investment demand invest in Ramifi Tokens and other cryptocurrencies. The ongoing actions under the PMLA suggest the federal government is tightening its oversight of how digital assets are used in money laundering in India.
Broader ED crackdown
This action shows the escalation of federal oversight as the Enforcement Directorate increases its oversight on digital asset-related crimes across India. Recently, the agency exposed 26 fraudulent cryptocurrency websites that were used to deceive unsuspecting investors through organized phishing and social engineering tactics.
Earlier this month, the ED also summoned businessman Raj Kundra in connection with a Rs. 150 crore money laundering probe linked to an alleged Bitcoin Ponzi scheme. These efforts show a shift in India’s regulatory landscape, where authorities are targeting both local and large-scale digital asset schemes.
As the ED continues to trace the remaining proceeds of the Rs. 26.54 crore fraud, this case might set a precedent for how the agency deals with the seizure and evaluation of specific altcoins during criminal investigations. Meanwhile, the seizure of these assets by attachment will ensure that the alleged stolen amount is secured as the case against the Yadavs and their accomplices unfolds.
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