The Enforcement Directorate (ED) has made a significant accomplishment by seizing a substantial total of INR 90 crores (approximately $10.7 million) worth of cryptocurrencies. This action has dealt a severe blow to the ‘E-Nugget’ scam. The individuals accused in connection with the case, Aamir Khan and Romen Agarwal, have been arrested and charged. It was revealed that once investments were made, the app went offline, leaving investors unable to reclaim their funds.
An earlier investigation conducted by the ED uncovered that the scammers operated the scheme through 2,500 dummy bank accounts. Furthermore, it was discovered that a portion of the funds were invested in cryptocurrencies. The ED’s statement mentioned that information obtained from Binance and other exchanges led to the freezing of funds totaling nearly ₹90 crore from 70 accounts held with Binance, ZebPay, and WazirX, all linked to the scam. Overall, the ED has seized assets worth INR 163 crore (approximately $19 million), which include cash, cryptocurrencies, bank account balances, and some offices.
In another development, the Central Bureau of Investigation (CBI) in India has conducted a nationwide search in connection to a fake cryptocurrency mining scam. The mining app impersonated a genuine cryptocurrency mining platform, enticing investors with promises of high returns. The scammers deceived victims into believing they were investing in crypto-mining hardware rentals for Bitcoin and other currencies. Funds from 150 bank accounts were collected for this illicit operation, and the money was subsequently moved out of India using cryptocurrencies.
These crackdowns reflect the authorities’ commitment to closely monitoring the cryptocurrency space as part of the broader agenda to uphold stringent regulations in the nation.
